The Government is implementing strategic initiatives to accelerate firm growth, competitiveness, and diversification away from the commodities sector.
The initiatives are anticipated to help decrease macro-volatility, improve employment opportunities, and raise income. The Ghana Economic Transformation Project (GETP) is one such initiative.
The World Bank has been providing funding support to the Government of Ghana (GOG) to implement the Ghana Economic Transformation Project (GETP) since 2019.
The overall development objective of the project is to promote private investments and firm growth in non-resource-based sectors.
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The project is guided by the principle “to promote and strengthen a growth model conducive to economic transformation, to achieve higher rates of investment and productivity growth across the economy, especially in non-resource-based sectors.” The project operates under four (4) main components, namely: Enabling investments (component 1), Crowding-in investments (Component 2), Accelerating Entrepreneurship and Micro Small and Medium Enterprise (MSME) growth (Component 3), and Project Management and Evaluation (Component 4).
To achieve the Project’s Development Objectives (PDOs), the GETP coordinates and collaborates with 11 Technical Implementing Agencies (TIAs). Among these TIAs is the Ghana Investment Promotion Centre (GIPC).
The GIPC is a government agency mandated under the GIPC Act, 2013 (Act 865) to encourage and promote investments in Ghana, to provide for the creation of an attractive incentive framework and a transparent, predictable, and facilitating environment for foreign companies establishing themselves in Ghana, as well as local businesses exploring new opportunities in the country.
The Centre actively encourages, promotes, and facilitates investments into and within Ghana to attain its objectives.
Furthermore, it formulates investment promotion policies and plans, promotional incentives, and marketing strategies to attract foreign and local investments in advanced technology industries and skill-intensive services, which enjoy good export market prospects.
The Centre also initiates and supports measures that will enhance the investment climate in Ghana for both Ghanaian and non-Ghanaian enterprises.
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Additionally, it initiates, organizes, and participates in promotional activities such as exhibitions, conferences, and seminars to stimulate investments to present Ghana as an ideal investment destination.
The GIPC considers the strengthening of its investors’ grievance resolution processes as key to retaining investments, especially within this period of growing global uncertainties.
The Investor Grievance Management Mechanism (IGM) is expected to lead to a continuous improvement in various outcomes to the investor ecosystem by systematizing problem-solving for investors to prevent grievances from escalating into disputes.
The GIPC is, thus, inviting proposals from eligible consultants to develop an Integrated Investor Grievance Management Mechanism.
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