The opposition People’s National Party (PNP) has welcomed President John Dramani Mahama’s decision to review the Ghana Investment Promotion Centre (GIPC) Act, 2013 (Act 865).
In a press statement issued on Wednesday, AUGUST 27, Chairperson of PNP, Janet Asana Nabla, described the move as a progressive step towards creating a more competitive business environment and attracting sustainable foreign investment.
The existing law sets a minimum capital requirement of US$200,000 for joint ventures with Ghanaians, US$500,000 for wholly foreign-owned enterprises, and US$1 million for trading companies.
While intended to protect local businesses, the PNP argues that these thresholds have instead entrenched monopolies and restricted competition in Ghana’s trading space.
According to the party, the high capital entry requirements have allowed a few business cartels to dominate the market, often leading to inflated prices and limited innovation.
It cited examples such as the disparity in retail prices of imported goods—where basic household items are sold at significantly higher costs by local traders compared to foreign-owned outlets—as evidence of exploitative practices.
“How do we explain a plastic chair selling for GHC 64 at China Mall being sold by Ghanaian traders at GHC 125? Are these products manufactured locally? No. Are they imported under a different tax regime than foreign competitors? No. The truth is, these markups are not only unjustifiable—they are exploitative.”
The PNP believes the easing of restrictions signals a shift towards a more open and consumer-friendly market, where competition will help lower prices, improve quality, and encourage efficiency. The party stressed that allowing responsible foreign investors greater access to the market is not a threat to Ghanaian businesses but an opportunity for them to innovate and remain competitive.
“This is not an anti-Ghanaian business move—it is a pro-consumer policy. It is a pro-poor decision. It is an economic liberation call to deliver Ghanaians from the chokehold of price-fixing, greed, and artificial scarcity. It is a call for fairness. Let us be clear—the entry of responsible foreign investors will not destroy
Ghanaian businesses; it will challenge them to rise, to innovate, and to compete. It will drive prices down, increase quality, and break the chains of monopoly that have held our economy hostage.”
The party pledged its full support for the initiative, describing it as an economic liberation strategy that could drive inclusive growth. It further assured the Mahama administration of its commitment to advocate for policies that prioritise affordability, accessibility, and long-term sustainability in Ghana’s economy.
“The PNP stands in full support of this initiative. This is a clarion call, and we assure the Mahama-led NDC administration of our readiness to lend our voice, support, and advocacy to ensure this policy succeeds. Our commitment is to the Ghanaian people, not to entrenched business interests that thrive at their expense.”
“Let us move forward boldly. Let us rewrite the narrative of Ghana’s markets. Let us finally give the ordinary Ghanaian a chance to breathe, to afford, and to live,” she added.
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