Former President John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has highlighted significant concerns among the business community regarding local content policies and their impact on foreign direct investment (FDI).
Addressing these issues at the Distinguished Speakers Series on Foreign Direct Investments on Thursday, August 29, Mahama noted that inconsistencies and conflicts in government policies concerning local and foreign business ownership and joint ventures are contributing to investor dissatisfaction.
“The issues surrounding local content policies are not new; they have persisted in various forms over time,” Mahama said.
He attributed the ongoing challenges to ineffective past reforms and emphasized the need for decisive action under a potential NDC government.
Mahama outlined his vision for a “24-hour economy policy,” which aims to attract between $5 billion and $10 billion in annual FDI, focusing on infrastructure and greenfield investments.
He criticized the current system, in which the Ghana Investment Promotion Centre (GIPC) and the Ghana Free Zones Authority handle investment promotion while broader economic policies affecting businesses fall under other agencies, such as the Ministry of Finance and the Bank of Ghana.
“As someone who has served as Vice President, chairman of the Economic Management Team, and later as President, I have a comprehensive view of the economic landscape and understand that not all issues impacting foreign direct investment fall under the direct purview of the GIPC,” Mahama said.
He proposed a general and targeted policy intervention strategy to create a favourable business environment and address specific sector bottlenecks.
Mahama also pledged to introduce specific incentives for foreign investors as part of a broader plan to reset the economy and address investment deficits.
The former president’s remarks underscore his commitment to reforming Ghana’s investment climate to foster economic growth and stability.
