Investment Policy Review of Ghana
The IPR of Ghana was completed in 2003. It provided the Government with policy recommendations on how to improve Ghana’s investment framework, investment promotion efforts and strategies and the overall enabling environment to attract and benefit from FDI. In 2006, UNCTAD also prepared a Blue Book on Best Practice in Investment Promotion and Facilitation that identified 15 practical measures to be implemented over a period of 12 months intended to move Ghana towards best practice in investment promotion and facilitation.
In 2010, UNCTAD conducted a review to assess the extent to which the IPR and blue book recommendations had been implemented. The Implementation Report showed that the political commitment to improve the business environment is reflected in its policies and programmes for reforms. Under two umbrella programmes, namely, the Private Sector Development Strategy for the period 2004 to 2008 and the Trade Sector Support Programme (TSSP) for the five-year period 2006 to 2010, cross-cutting issues that impact trade and investment are comprehensively addressed. In addition, the Gateway Project and the Micro, Small and Medium Enterprise (MSME) Project, including numerous cuts in corporate tax since 2003 to stimulate private sector growth and boost investment into Ghana, have all given impetus to private sector development.
However, while overall policies are generally well conceived, their implementation is not always consistent. Planned reforms are often delayed or curtailed and sometimes even derailed, as in the case of the draft bill on Competition and Fair Trade Practices developed in 1992 with the assistance of UNCTAD. Thus, despite on-going efforts in addressing improvements to the investment environment, investors continue to encounter obstacles.
Since the IPR was published, UNCTAD has assisted the Government in the following ways. It:
- advised on amending the foreign investment law
- reviewed and provided the Government with comments and advice on its new model bilateral investment treaty
- set up an investment information portal that includes information related to the investment environment and business opportunities (i-Track)
- produced a Blue Book on Best Practice in Investment Promotion and Facilitation
- assisted the investment promotion agency in establishing one stop shops to facilitate investors (with funding from ProInvest)
- held a workshop on best practices in investment promotion and facilitation
- carried out an investment promotion training programme for diplomats
- assisted in establishing a partnership between the Ghana Investment Promotion Centre and the China-Africa Business Council, which led to the "Ghana-China B2B event: Invest in Ghana".