The Greater Accra Regional Chairman of the Association of Ghana Industries (AGI), Tsonam Akpeloo, has cautioned that Ghana could become a dumping ground for foreign investors following the government’s decision to abolish the minimum capital requirement for foreign investors.
He explained that while welcoming investment is critical for job creation and economic growth, policymakers must ensure that such reforms do not compromise local industries.
“We need to make sure we don’t make our country a dumping ground for some investors,” Mr. Akpeloo told ABC News GH.
According to him, the AGI is open to collaboration but requires a clear and comprehensive assessment of the new investment policy’s long-term implications.
He stressed that the association is still awaiting detailed data on the full extent of the reforms, including how the scrapping of the capital requirement could impact local enterprises and Ghana’s broader economic interests.
“We are happy to collaborate, but it is important to know the extension and how it will impact our nation,” he added.
The caution comes after President John Dramani Mahama announced at the Ghana Presidential Investment Forum in Japan that the minimum capital requirement for foreign investors will be abolished under a planned review of the Ghana Investment Promotion Centre (GIPC) Act.
The President explained that the move is aimed at boosting Ghana’s competitiveness, attracting global capital, and positioning the country as a preferred investment hub.
He assured that Ghana remains a stable market with strong macroeconomic prospects and encouraged Japanese companies to take advantage of opportunities in the economy.
