Table of Contents
- Who Is This Ghana Foreign Investment Guide For?
- 1. Why Ghana? The Big Picture
- 2. The Rules of the Game – Ghana’s Investment Laws
- 3. The GIPC – Your First Port of Call
- 4. Your Rights as an Investor
- 5. International Treaties – Extra Protection on Top
- 6. If Something Goes Wrong – Resolving Disputes
- 7. Taxes – What You’ll Pay and What You Might Save
- 8. Hiring People – Labour Law Basics
- 9. Land – The Most Complex Part
- 10. Setting Up Your Company
- 11. Banking, Currency, and Getting Your Money Out
- 12. Environmental Rules and Community Relations
- 13. Anti-Corruption – What You Need to Know
- 14. Mergers, Acquisitions, and Competition Rules
- 15. When Things Don’t Go to Plan – Restructuring and Exit
- 16. The Digital Economy and Fintech
- 17. Public-Private Partnerships (PPPs)
- 18. Customs and Importing Your Equipment
- 19. Risks – Honest Assessment
- 20. Your Investment Journey – From First Idea to Open for Business
- 21. Who to Call – Key Government Contacts
- 22. Your Pre-Investment Checklist
- Disclaimer and Key Sources
Who Is This Ghana Foreign Investment Guide For?
Anyone thinking about starting a business or making an investment in Ghana. This includes first-time investors, diaspora entrepreneurs, and companies exploring West Africa. No legal background needed.
1. Why Ghana? The Big Picture
If you’re thinking about investing in West Africa, Ghana is usually the first country serious investors look at, and for good reason.
Ghana has been a stable democracy since 1992, with multiple peaceful transfers of power between political parties. Its legal system is based on English common law, which means the courts, contracts, and company structures will feel familiar to anyone from the UK, US, Canada, or Australia. English is the official language. And the country sits right in the middle of West Africa, giving businesses access to the 400-million-person ECOWAS regional market.
The economy runs on oil, gold, cocoa, and a fast-growing services sector. The tech and fintech ecosystem is one of Africa’s most dynamic. And infrastructure, while still developing, has improved significantly over the past decade.
| Quick Facts | |
|---|---|
| Population | ~34 million (2024) |
| GDP | ~$76 billion USD |
| Official Language | English |
| Currency | Ghana Cedi (GHS) |
| Legal System | English Common Law |
| Government | Presidential Democracy (since 1992) |
| Regional Bloc | ECOWAS (15-country West African bloc) |
| Key Industries | Oil and Gas, Gold Mining, Cocoa, Finance, Technology |
Ghana is consistently ranked in the top tier of African countries for political stability, rule of law, and ease of doing business. That does not mean everything is easy, but it does mean there are real protections in place and a functional system to rely on.
2. The Rules of the Game – Ghana’s Investment Laws
Before you invest a single dollar, it helps to know what legal framework governs your investment. Think of it like knowing the rules before you sit down to play.
Ghana’s investment environment is shaped by a stack of laws. The national constitution sits at the top, then a main investment law, then sector-specific rules depending on your industry. Here’s how they fit together.
The 1992 Constitution – Your Bedrock Protection
At the very top is Ghana’s Constitution. It matters to investors for one big reason: it protects property. Specifically, Article 20 says the government cannot simply take your business or assets without going through a legal process and paying you fair compensation. This is a constitutional right you can enforce in court.
The Main Investment Law – Act 865
The Ghana Investment Promotion Centre Act, 2013 (commonly called “Act 865”) is the central law for foreign investment. It’s the rulebook that tells you what you’re allowed to invest in, how much money you need to bring, what protections you’re entitled to, and how to get registered. This Ghana foreign investment guide is largely built around Act 865.
| Industry | Main Law | Who Oversees It |
|---|---|---|
| Mining and Minerals | Minerals and Mining Act, 2006 | Minerals Commission |
| Oil and Gas | Petroleum (E&P) Act, 2016 | Petroleum Commission |
| Banking and Finance | Banks and SDI Act, 2016 | Bank of Ghana |
| Insurance | Insurance Act, 2021 | National Insurance Commission |
| Stock Market / Securities | Securities Industry Act, 2016 | Securities and Exchange Commission |
| Telecoms | Electronic Communications Act, 2008 | National Communications Authority |
| Pharmaceuticals | Food and Drugs Authority Act, 2012 | Food and Drugs Authority |
| Real Estate Agency | Real Estate Agency Act, 2020 | Real Estate Agency Council |
3. The GIPC – Your First Port of Call
The Ghana Investment Promotion Centre (GIPC) is the government body that foreign investors deal with first. Think of it as a combination of a welcome desk, a registration office, and a referral service.
If your business has any foreign ownership at all, you must register with the GIPC. This is not optional. Operating without GIPC registration is a legal violation that can get your business shut down.
On the positive side, the GIPC is also there to help you. They can facilitate introductions to government agencies, help resolve disputes before they become legal battles, and provide market intelligence. Their website (www.gipcghana.com) is a genuinely useful starting point.
How Much Money Do You Need to Bring In?
Act 865 sets minimum capital thresholds. This is the minimum amount of money (or equipment) you need to have in your business depending on what type of investment you’re making.
| Type of Investment | Minimum Capital (USD) | Extra Condition |
|---|---|---|
| Joint venture (you partner with a Ghanaian) | $200,000 | Your Ghanaian partner must own at least 10% of the business |
| Wholly foreign-owned business | $500,000 | No local partner required |
| Trading company (buying and selling goods) | $1,000,000 | Must employ at least 20 skilled Ghanaian staff |
| Buying shares on the Ghana Stock Exchange | No minimum | Subject to stock exchange rules |
Capital does not have to be cash. It can include the value of equipment, machinery, or other physical assets you bring into the business, as long as they are professionally valued and properly documented.
Ghana has publicly discussed reforms to reduce or restructure some foreign capital minimums to attract more small and mid-size investors. As of early 2026, existing thresholds under Act 865 still apply. Always confirm the current position with the GIPC or a qualified Ghanaian lawyer before committing capital.
What Can’t Foreigners Do in Ghana?
Some businesses are legally off-limits to foreigners. These are reserved exclusively for Ghanaian citizens. The full list under Act 865 includes:
- Selling goods in a market, petty trading, hawking, or selling from a stall
- Running a taxi or car hire company with fewer than 25 vehicles
- Operating beauty salons or barber shops
- Printing mobile phone recharge scratch cards
- Making exercise books and basic stationery
- Retail sale of finished pharmaceutical products (you can manufacture them, but not retail them)
- Production, supply, and retail of sachet (packaged) drinking water
- Running lotteries or betting pools (except football pools)
Outside of this list, most sectors are open to foreign investment, though some (especially oil and gas, mining, and construction) have local content rules that require meaningful Ghanaian participation in the business or supply chain.
4. Your Rights as an Investor
One of the most important things to understand before investing anywhere is what happens if something goes wrong. What rights do you actually have? Ghana’s laws give investors a solid set of protections. Here’s what they mean in plain English.
Protection Against Expropriation
The short version: the Ghanaian government cannot simply nationalize or seize your business. Both the Constitution and Act 865 say that if the government ever needs to acquire a private business for public purposes, it must:
- Have a legitimate public purpose
- Follow a proper legal process
- Pay prompt, fair, and adequate compensation
- Give you the right to challenge the acquisition and the compensation in court
In practice, Ghana has not pursued large-scale nationalization in modern times. The guardrails exist and they matter.
Repatriation Rights
Act 865, Section 28 guarantees your right to take money out of Ghana in a convertible currency (like US dollars or euros). Specifically, you’re legally entitled to send home:
- Your profits and dividends
- Technology licensing fees
- Your money if you sell or wind down the business (after paying taxes)
- Repayments and interest on any foreign loans
- Salaries for your foreign employees
You process international transfers through a Ghanaian bank that’s licensed to handle foreign exchange (an “authorised dealer bank”). The right to repatriate is guaranteed by law, but you still go through the banking system to do it. Large transfers may trigger Bank of Ghana reporting.
Non-Discrimination
Ghana’s law says foreign investors must be treated no worse than Ghanaian investors in the same situation. You’re entitled to the same access to courts, the same legal protections, and the same government services. Many treaties also provide most-favoured-nation treatment, meaning you cannot be treated worse than investors from other treaty partner countries.
Protecting Your Ideas – Intellectual Property
Ghana has IP laws covering the main bases. If you’re bringing proprietary technology, a brand, software, or creative work into the country, here’s what protects you:
- Copyright (Act 690, 2005): Covers books, music, software, artistic works
- Patents (Act 657, 2003): 20-year protection for inventions, must be registered
- Trademarks (Act 664, 2004): Brand names and logos, must be registered at the Registrar General’s Department
- Industrial Designs (Act 660, 2003): Product aesthetics and appearance, must be registered
Ghana is a member of ARIPO. One registration through ARIPO can protect your IP across multiple African countries, which is worth considering if you plan to operate regionally.
5. International Treaties – Extra Protection on Top
Beyond Ghana’s domestic laws, the country has treaties with other countries that can add an extra layer of legal protection. These matter because they may let you pursue international arbitration if disputes arise.
Bilateral Investment Treaties (BITs)
Ghana has signed investment protection agreements with multiple countries. Treaty coverage and in-force status can change over time, so verify your exact treaty position before relying on it.
| Country | Signed | What It Gives You |
|---|---|---|
| United Kingdom | 1989 | Fair treatment, expropriation protection, investor-state arbitration framework |
| Germany | 1995 | National treatment, free money transfers, arbitration framework |
| France | 1999 | Most-favoured-nation style protections, expropriation compensation |
| Netherlands | 1989 | Fair treatment, protection standards, arbitration framework |
| China | 1989 | Mutual protection, expropriation protection, arbitration framework |
| Switzerland | 1991 | National treatment, expropriation protection, arbitration framework |
| Malaysia | 1996 | MFN-style protections, expropriation compensation, arbitration framework |
| South Africa | 1998 | Fair treatment, free transfers, arbitration framework |
| United States | Frameworks | Trade and investment frameworks exist, but a full BIT position should be confirmed |
ECOWAS – The West African Regional Bloc
Ghana is a founding member of ECOWAS. ECOWAS investment rules can provide regional protections and support cross-border market access within the 15-country bloc.
Global Treaties That Matter
- ICSID: Ghana is a party to the ICSID Convention, which supports investor-state arbitration in qualifying cases.
- New York Convention: Ghana is a party, supporting enforcement of international arbitration awards through local courts.
- MIGA: Ghana is a member of the World Bank’s political risk insurance agency.
- AfCFTA: Ghana is a member of the African Continental Free Trade Area, progressively reducing trade barriers across Africa.
6. If Something Goes Wrong – Resolving Disputes
No one likes to think about disputes before they’ve even started investing. But knowing your options before you need them is useful.
Step 0: Get a Lawyer
Step 1: Try the GIPC First
If you have a dispute with a government agency or regulator, the GIPC has a mandate to help broker a resolution before things get formal. This can be the fastest path.
Step 2: Mediation or Arbitration in Ghana
Ghana has an ADR framework under the ADR Act, 2010 (Act 798). Commercial disputes can be resolved through mediation or arbitration without going through a full court process. The Ghana Arbitration Centre runs formal proceedings that can be enforceable.
Step 3: Ghana’s Courts
Ghana has a Commercial Court within the High Court system. Courts can be slow due to backlogs, but the judiciary is independent and outcomes are enforceable.
Step 4: International Arbitration
If your dispute involves the government and treaty protections apply, you may be able to pursue international arbitration. Common frameworks include:
- ICSID (World Bank group framework)
- UNCITRAL (widely used arbitration rules)
- ICC (international commercial arbitration)
- LCIA (often used in UK-connected agreements)
Include an arbitration clause in any significant contract you sign. Specify the venue, rules, and governing law. This one clause can save years of uncertainty if a dispute arises.
7. Taxes – What You’ll Pay and What You Might Save
Taxes in Ghana are administered by the Ghana Revenue Authority (GRA). The system is fairly conventional, but sector-specific rates and incentives matter when you structure an investment.
The Main Tax Rates at a Glance
| Tax | Rate | Plain-English Explanation |
|---|---|---|
| Corporate Income Tax (standard) | 25% | What most businesses pay on their profits |
| Corporate Tax – manufacturing (outside Accra/Tema regional capitals) | 18.75% | Lower rate if you manufacture in a regional capital outside the two main cities |
| Corporate Tax – manufacturing (other regions) | 12.5% | Even lower if you set up manufacturing elsewhere in the country |
| Corporate Tax – hotels | 22% | A specific rate for the hotel industry |
| Corporate Tax – non-traditional exports | 8% | Incentive if you’re exporting products other than gold, cocoa, and timber |
| Corporate Tax – Free Zones | 0% for 10 years | Then 15% afterwards, one of the strongest incentive packages |
| Corporate Tax – agriculture | 0-20% | Tax holidays may apply for certain agricultural and agro-processing activities |
| Corporate Tax – oil and gas / mining | 35% | Higher rate for upstream extractives |
| Growth and Sustainability Levy | 1-5% of pre-tax profit | Applied in recent years to selected sectors (often including banks, telecoms, and mining). Confirm current scope and rate each year. |
| VAT and levies (combined) | 20% combined | 15% VAT + 2.5% NHIL + 2.5% GETFund levy (verify current rates) |
| Withholding Tax – Dividends | 8% | Tax taken when profits are paid out |
| Withholding Tax – Interest (non-residents) | 15% | Tax on interest paid to foreign lenders |
| Withholding Tax – Royalties (non-residents) | 15% | Tax on payments for using IP or technology |
| Withholding Tax – Management Fees (non-residents) | 20% | Tax on management and service fees sent overseas |
| Capital Gains Tax – individuals | 15% | Flat tax on gains when you sell an investment asset |
| Capital Gains Tax – companies | 25% | Gains are treated as business income and taxed at the standard CIT rate |
Tax Incentives – Where the Good Deals Are
Ghana has tax incentives designed to attract investment into certain areas and industries. Highlights include regional incentives, agriculture incentives, and Free Zones.
Invest Outside Accra and Tema – Pay Less Tax
If you locate your business in the north of the country (Northern, Upper East, or Upper West regions), you may qualify for a 50% reduction in corporate tax for a defined incentive period. Other regions outside Accra/Tema may qualify for a 25% reduction. Confirm current incentive details with a Ghanaian tax advisor.
Agriculture – Strong Tax Holidays
Agricultural businesses and agro-processing can qualify for exemptions for several years depending on activity type and location. If you’re in farming, food processing, or agricultural logistics, Ghana actively seeks investment in the sector.
Free Zones – The Premium Package
If you set up in a Free Zone and commit to exporting at least 70% of your output, incentives can include:
- Zero corporate tax for your first 10 years
- 15% corporate tax after that (vs. 25% standard)
- No import duties on qualifying raw materials, machinery, or equipment
- Possible reliefs on withholding taxes in qualifying cases
- Right to repatriate profits and capital subject to compliance and banking procedures
Export manufacturers, processing companies, and international service businesses. The minimum investment for a manufacturing Free Zone enterprise is commonly cited as $250,000. Confirm current thresholds with the Ghana Free Zones Authority (GFZA) at https://gfzagh.com.
Double Taxation Agreements – Don’t Get Taxed Twice
If Ghana and your home country have a Double Taxation Agreement (DTA), your income may not be taxed twice. Ghana has treaties in force with multiple countries. Always confirm the current list and treaty text for withholding rates and definitions.
| Country | In Force Since | Key Benefit |
|---|---|---|
| United Kingdom | 1993 | Reduced withholding rates on dividends, interest, and royalties |
| France | 1993 | Reduced withholding taxes; prevents double taxation |
| Germany | 2008 | Reduced withholding rates; includes dispute mechanisms |
| Italy | 2005 | Reduced withholding taxes |
| South Africa | 2007 | Reduced taxes on qualifying cross-border payments |
| Switzerland | 2008 | Reduced withholding rates |
| Belgium | 2005 | Reduced withholding rates |
| Netherlands | In force | Reduced withholding rates on dividends, interest, royalties |
| Denmark | In force | Reduced withholding rates |
| Mauritius | 2012 | Often used in cross-border structuring; confirm treaty anti-abuse rules |
| Singapore | 2018 | Reduced withholding rates; modern treaty framework |
Ghana has also signed some treaties that may not yet be ratified or fully in force, and it negotiates additional treaties over time. Confirm current status before relying on any DTA in structuring.
8. Hiring People – Labour Law Basics
Ghana’s Labour Act, 2003 (Act 651) is the main law governing employment. Here are the things investors most often need to know.
Key Employee Rights
- Working hours: Standard is 8 hours a day, 40 hours a week. Overtime must be compensated.
- Annual leave: Minimum 15 working days after a full year of service.
- Maternity leave: 12 weeks paid maternity leave.
- Notice for termination: Typically 1 month’s notice (or payment in lieu). Unfair dismissal can be challenged at the National Labour Commission.
Pensions – The Three-Tier System
Ghana has a mandatory three-tier pension system under the National Pensions Act, 2008 (Act 766). As an employer, you contribute to the first two tiers for every employee:
- Tier 1 – SSNIT (state pension): Employer 13% of basic salary; employee 5.5%. Total 18.5%.
- Tier 2 – Occupational pension (privately managed): Employer 5% of basic salary.
- Tier 3 – Voluntary: Optional additional private savings.
As an employer, your total mandatory pension contribution is 18% of each employee’s basic salary (13% + 5%). This is separate from income tax (PAYE), which you also withhold and remit. Both SSNIT and Tier 2 contributions are typically due by the 14th of the following month.
Hiring Foreign Staff – Expatriate Quotas
You can hire foreign nationals, but limits can apply based on capital invested. The GIPC Act sets automatic quotas often referenced as:
| Business Capital Invested | Automatic Expatriate Allowance |
|---|---|
| $50,000 – $249,999 | 1 foreign employee |
| $250,000 – $499,999 | 2 foreign employees |
| $500,000 – $699,999 | 3 foreign employees |
| $700,000 and above | 4 foreign employees |
If you need more foreign staff than your quota allows, you can apply to the GIPC for additional slots, but you’ll need to justify why a Ghanaian cannot fill the role. Free Zone businesses can have different staffing rules but are generally expected to support skills transfer and local training.
Every foreign employee needs both a Residence Permit and a Work Permit from the Ghana Immigration Service. Budget several weeks for processing and apply well in advance of your start date.
Regulators often expect businesses with foreign staff to be actively training Ghanaian employees for those roles over time. Treat this as a real operational obligation, not a formality.
9. Land – The Most Complex Part
Land is where many investors run into problems in Ghana. The rules are different from many Western countries, and due diligence matters. Read this section carefully.
The Big Rule: Foreigners Cannot Own Land Freehold
The 1992 Constitution provides that non-Ghanaians cannot hold freehold interests in land. Instead, foreigners typically use leasehold interests.
In many cases, a non-Ghanaian can lease land for up to 50 years. This can be enough to build and operate a substantial business, but it is not the same as owning the underlying land.
Who Owns the Land?
Ghana has four main types of land ownership, and which type you’re dealing with affects how you negotiate for a lease:
| Land Type | Owned By | What This Means for You |
|---|---|---|
| State / Public Land | Government of Ghana | Go through the Lands Commission to negotiate a lease |
| Vested Land | Government holds in trust for a community | Also managed through the Lands Commission |
| Stool / Skin Land | Traditional ruler / chief (on behalf of community) | Negotiate with the traditional authority, but Lands Commission approval is still required |
| Family Land | An extended family | Negotiate with family representatives; Lands Commission approval still required |
The Due Diligence You Must Do
Before you sign anything relating to land in Ghana, do all of the following:
- Commission a formal title search at the Lands Commission to verify who legally owns the land
- Check for encumbrances such as mortgages, other leases, and court orders
- Confirm customary consents are in place (especially for Stool/Skin land)
- Ensure the Lands Commission registers and approves your lease
- Hire a qualified Ghanaian solicitor who specializes in land transactions
Competing customary claims and undisclosed encumbrances are among the most common and damaging issues investors face. Due diligence is essential protection. Do not skip it.
10. Setting Up Your Company
Ghana’s company registration process has been modernized and is mostly done online now. Here’s what your options are and how the process works.
Which Company Structure Should You Use?
| Structure | Best For | Liability | Min. GIPC Capital |
|---|---|---|---|
| Private Limited Company (wholly foreign) | Full operations; most common for foreign investors | Limited to share capital | $500,000 |
| Joint Venture with Ghanaian partner | Regulated sectors; market entry with local expertise | Limited to share capital | $200,000 |
| Branch of your foreign company | Initial market testing; representative office | Unlimited — your parent company is liable | $500,000 |
| Free Zone Entity | Export manufacturing and processing | Limited to share capital | $250,000 (manufacturing) |
If you go into a joint venture, the quality of your shareholders’ agreement is everything. It must cover: who controls the company day-to-day, what happens if you deadlock on a key decision, how profits are distributed, what happens when either party wants to sell their shares, and how you exit. A poorly drafted JV agreement is one of the most common sources of serious investor-partner disputes in Ghana. Don’t skimp on legal fees here.
Step-by-Step: How to Register
| Step | What You Do | How Long It Takes |
|---|---|---|
| 1 | Search and reserve your company name at the Registrar General’s Department (RGD) — online | 1–2 days |
| 2 | File incorporation documents with the RGD | 2–5 days |
| 3 | Pay fees and receive your Certificate of Incorporation | 3–5 days |
| 4 | Register with Ghana Revenue Authority to get your Tax Identification Number (TIN) | 1–2 days |
| 5 | Register with SSNIT for employee pension contributions | 1–3 days |
| 6 | Register with the GIPC (mandatory for foreign businesses) | 5–10 working days |
| 7 | Apply for any sector-specific licences and permits | Weeks to months, depending on industry |
| 8 | Open a corporate bank account at an authorised Ghanaian bank | 5–10 days |
Don’t start doing business until Steps 1–6 are complete. Operating without GIPC registration is a common mistake and it can result in fines, enforcement action, or forced closure. Get registered first.
Staying Compliant — What You Need to Do Every Year
Once you’re up and running, here are your ongoing legal obligations:
- Annual company returns — file with the Registrar General’s Department (28 days after your AGM)
- Corporate tax return — due 4 months after your financial year-end (April 30 for calendar-year companies)
- Quarterly estimated tax payments — due at end of months 3, 6, 9, and 12 of your accounting year
- PAYE — withhold and remit employee income tax by the 15th of each following month
- VAT returns — file and pay by the last working day of each following month (if VAT-registered)
- SSNIT contributions — remit both Tier 1 and Tier 2 pension contributions by the 14th of each following month
- Annual GIPC investment report — due 31 March each year
- Audited financial statements — must be prepared and filed within 6 months of year-end
11. Banking, Currency, and Getting Your Money Out
Managing your money across currencies is one of the most practical challenges of investing in Ghana. Here’s what you need to know.
The Ghana Cedi – Managing Currency Risk
The Ghana Cedi (GHS) has historically depreciated significantly against major currencies like the US dollar and euro. This is a real risk for investors whose revenues are in Cedi but whose obligations or return expectations are in hard currency. It’s not a reason to avoid Ghana – but it needs to be planned for.
Practical strategies investors use:
- Price your contracts in hard currency (USD, EUR, GBP) wherever commercially possible
- Maintain a foreign currency account at an authorised Ghanaian bank to hold earnings between transactions
- Use forward exchange contracts (available from Ghanaian commercial banks) to lock in rates on known future payments
- Structure your financing so that the currency of your debt matches the currency of your revenues
- Consider political risk insurance from MIGA that covers currency inconvertibility
Opening a Bank Account
Every business must have a corporate bank account at an authorised Ghanaian bank. To open one, you’ll typically need:
- Certificate of Incorporation
- GIPC Registration Certificate
- Board Resolution naming authorised signatories
- Passports for all directors and signatories
- Proof of your registered office address
- Tax Identification Number
- Source of funds declaration (AML requirement)
- Brief business plan or description of what the company does
Major banks serving corporate and international clients include: Ghana Commercial Bank (GCB), Ecobank Ghana, Standard Chartered, Stanbic Bank, Absa Bank, Societe Generale, and CalBank. Processing time is typically 5-10 days once all documents are in order.
The Rules Around Moving Money
The Foreign Exchange Act, 2006 (Act 723) governs cross-border money flows. The headline rules are:
- Paying for imports, services, or sending dividends overseas: fully allowed – no restrictions for current account transactions
- Bringing in and taking out equity investments, loan repayments, and sale proceeds: allowed, but must go through an authorised dealer bank, and large transactions require Bank of Ghana reporting
- Exporters: must bring export earnings back into Ghana within 60 days of shipment
BoG Circulars
The Bank of Ghana regularly updates its FX rules through circulars and directives. Your bank’s trade finance team should be up to date – but it’s worth checking directly with the BoG (bog.gov.gh) if you’re doing something unusual or large.
12. Environmental Rules and Community Relations
If your investment has any physical footprint – a factory, a mine, a farm, a construction project – you’ll need to engage with Ghana’s environmental framework. This isn’t just a legal box to tick; getting it wrong can halt your project entirely.
The Environmental Permit Process
The Environmental Protection Agency (EPA) is Ghana’s environmental regulator. For most significant investment projects, you’ll need an Environmental Permit – and getting one requires going through an Environmental Impact Assessment (EIA) process. Here’s how it works:
| Stage | What Happens | Roughly How Long |
|---|---|---|
| Screening | EPA decides whether you need a full EIA or just a simpler assessment | 2-4 weeks |
| Scoping | EPA tells you exactly what your EIA needs to cover | 4-8 weeks |
| EIA Study | You hire a qualified consultant who does the study and runs community consultations | 3-6 months |
| Submit & Review | EPA reviews your report, may ask follow-up questions | 2-4 months |
| Environmental Permit | EPA approves and issues your permit (or rejects with reasons) | — |
| Ongoing | Annual environmental compliance reports due to EPA by 31 January each year | Every year |
Budget Time for This
The EIA process can take 6-12 months from start to finish. Many investors underestimate this timeline and find themselves ready to start construction with no permit in hand. Build this into your project planning from day one.
Community Relations – The Social License
Beyond the legal requirements, investors in sectors like mining, oil & gas, and large-scale agriculture need to actively manage their relationships with the communities around their projects. Ghana’s communities – and increasingly Ghana’s regulators – expect this.
Investors who get this right tend to sign Community Development Agreements with local communities, offer local employment preferences, and set up transparent benefit-sharing arrangements. Those who don’t tend to face protests, delays, and political pressure that can derail projects entirely.
IFC Performance Standards
If you’re seeking financing from development finance institutions like the IFC, UK’s BII, or the US DFC, they will require you to meet the IFC Performance Standards on Environmental and Social Sustainability. Building your environmental and community program to these standards from the start puts you in the best position for international financing.
13. Anti-Corruption – What You Need to Know
Ghana has a real anti-corruption framework, and the consequences for violations – including for foreign investors – are serious. This section matters whether you’re from a country with its own anti-bribery laws (like the US Foreign Corrupt Practices Act or the UK Bribery Act) or not.
Ghana’s Own Anti-Corruption Bodies
- Office of the Special Prosecutor (Act 959, 2017): An independent prosecutor specifically for corruption. If there’s credible evidence of bribery or corrupt dealings in your Ghana operations, this office can investigate and prosecute.
- CHRAJ (Commission on Human Rights and Administrative Justice): Investigates abuses of power and corruption by public officials. Can refer cases for prosecution.
- Financial Intelligence Centre (FIC): Receives reports of suspicious financial transactions and coordinates with law enforcement.
Money Laundering Rules – What Businesses Must Do
If your business is in financial services, real estate, legal or accounting services, precious metals, or a few other categories, you’re a “Designated Non-Financial Business” (DNFB) and the Anti-Money Laundering Act imposes specific obligations on you:
- Know Your Customer (KYC): Verify the identity of clients and understand the nature of their business before entering into a relationship
- Keep records: Maintain customer files and transaction records for at least 7 years
- Report suspicious transactions: File Suspicious Transaction Reports (STRs) with the Financial Intelligence Centre if something doesn’t add up
- Disclose beneficial owners: Know who ultimately owns and controls any corporate client
Practical Advice
- Write a clear anti-corruption policy and make sure every employee reads and signs it
- Do proper background checks on any Ghanaian partner, agent, or intermediary before you engage them
- Keep your books transparent and in line with international accounting standards (IFRS)
- If a government official asks for anything that isn’t clearly part of an official process, say no and document it
- Engage a Ghanaian lawyer who specialises in compliance – it’s significantly cheaper than the alternative
14. Mergers, Acquisitions, and Competition Rules
Ghana doesn’t yet have a single comprehensive competition law with a dedicated competition authority – that legislation has been in development for years. But there are still meaningful rules that affect mergers and acquisitions, particularly in regulated sectors.
Sector-Specific Approval Requirements for M&A
If you’re buying into a business in a regulated industry, you’ll need sector regulator approval for the ownership change:
| Sector | Who Approves Ownership Changes | Threshold |
|---|---|---|
| Banking & Finance | Bank of Ghana | Any acquisition of >5% of shares |
| Insurance | National Insurance Commission | Any merger or acquisition |
| Securities / Capital Markets | Securities & Exchange Commission | Material changes to licensed entities |
| Mining | Minerals Commission | Transfer of any mining lease or interest |
| Oil & Gas | Petroleum Commission & Minister of Energy | Assignment of any petroleum rights |
| Telecommunications | National Communications Authority | Transfer of spectrum licences |
| Media | National Media Commission | Any ownership change |
The GIPC Rule for Share Transfers
Any change in a GIPC-registered company’s shareholder structure that affects foreign equity participation must be reported to – and approved by – the GIPC. This includes a Ghanaian selling their shares to a foreigner, a foreigner selling to another foreigner, or any restructuring that changes the ultimate beneficial ownership.
Plan This Into Your Timeline
Regulatory approval for M&A in regulated sectors can take several months. If you’re buying a business in banking, mining, or telecoms, start the regulatory approval process as early as possible – ideally before you sign the sale agreement, or with the signing conditional on approval.
15. When Things Don’t Go to Plan – Restructuring and Exit
It’s not pleasant to think about before you start, but knowing your options if an investment struggles – or if you want to exit – is part of mature investment planning.
Options If the Business Is in Trouble
- Voluntary Arrangement: You propose a deal with creditors – maybe to pay back a percentage of debt over time – supervised by an insolvency professional. No court required. This is the least disruptive option.
- Administration: An administrator takes over management of the business to try to rescue it or achieve the best possible outcome for creditors. Can be initiated by the company, its directors, or a secured creditor.
- Scheme of Arrangement: A court-approved restructuring between the company and its creditors. Used for complex, large-scale restructurings.
Winding Up the Company
- Members’ Voluntary Winding Up: The company is solvent, shareholders agree to close, a liquidator is appointed to tidy everything up. Straightforward for businesses with no creditor issues.
- Creditors’ Voluntary Winding Up: The company can’t pay its debts. Creditors get a major say in who handles the liquidation.
- Court-Ordered Winding Up: A court orders the company wound up – usually on petition from a creditor. An Official Liquidator is appointed.
Who Gets Paid First When a Company Winds Up?
The law sets out a strict order of priority:
- Costs of the winding-up process itself (liquidator fees, legal costs)
- Employee wages and pension contributions owed
- Secured creditors (lenders with a charge over assets)
- Unsecured creditors (suppliers, contractors, etc.) – sharing what’s left proportionally
- Shareholders – only if there’s anything left after all creditors are paid
Exiting a Successful Investment
- Sell your shares to a new investor (requires GIPC notification and may need sector regulator approval)
- Sell to your Ghanaian joint venture partner
- List on the Ghana Stock Exchange (GSE) or the Ghana Alternative Market (GAX) for smaller companies
- Management buyout – sell to your local management team
Repatriation on Exit
When you sell and want to take your money home, Act 865 guarantees your right to repatriate the proceeds after paying any applicable taxes (capital gains tax, withholding tax). Process the transfer through an authorised dealer bank.
16. The Digital Economy and Fintech
Ghana’s digital economy is one of the most exciting in Africa. Mobile phone penetration is over 130%, internet access is growing fast, and the country launched full mobile money interoperability between platforms and banks in 2018 – one of the first countries in the world to do so. If you’re in tech, fintech, e-commerce, or digital services, Ghana should be on your radar.
Fintech Licensing – Who Regulates What
| What You Want to Do | Licence Type | Who Issues It |
|---|---|---|
| Issue e-money or run a mobile money wallet | Electronic Money Issuer (EMI) | Bank of Ghana |
| Process payments or run merchant acquiring | Payment Service Provider (PSP) | Bank of Ghana |
| Micro-lending and savings for lower-income customers | Microfinance Institution | Bank of Ghana |
| Run a crowdfunding platform (equity or debt) | Crowdfunding Operator | Securities & Exchange Commission |
| Sell or distribute insurance digitally | Insurance Distribution Licence | National Insurance Commission |
The Regulatory Sandbox
If you have an innovative fintech product and you’re not sure which licence category you fall into – or you want to test the market before committing to full regulatory compliance – the Bank of Ghana operates a regulatory sandbox. You apply to run your product in a controlled environment for a defined period. This is a genuine commitment from the regulator to support innovation, not a runaround.
Other Digital Opportunities
- Data centres: Growing demand for cloud and co-location services; government incentives available
- Business Process Outsourcing (BPO): Ghana is an established destination for English-language BPO to Europe and North America
- AgriTech: Massive unmet demand for digital solutions in farming, supply chain, and market access
- HealthTech: Digital health, telemedicine, and health records digitization are priority government areas
- E-commerce: Fast-growing market; last-mile logistics is a significant investment gap
17. Public-Private Partnerships (PPPs)
If you’re interested in infrastructure, public services, or large-scale development projects, Ghana’s PPP framework is worth understanding. The Public Private Partnership Act, 2020 (Act 1039) sets out a clear process for how the government partners with private investors to deliver public infrastructure.
What Kind of Projects Use PPPs?
| Sector | Types of Projects |
|---|---|
| Transport | Roads, highways, ports, airports, rail |
| Energy | Power plants, transmission lines, renewables |
| Water & Sanitation | Urban water systems, wastewater treatment, irrigation |
| Health | Hospital construction and management, equipment leasing |
| Education | Schools, student housing, ICT infrastructure |
| Housing | Mass affordable housing developments |
| Digital | National broadband, data centres, government digital systems |
The Unsolicited Proposal Option
You don’t have to wait for the government to announce a project. Act 1039 allows private investors to bring ideas to the government directly. An unsolicited PPP proposal must show the project isn’t already being procured, and must come with a detailed feasibility study. If the government likes it, your proposal goes through a competitive challenge (called a Swiss Challenge), where other parties can bid – but you, as the originator, typically get the right to match the best competing bid.
18. Customs and Importing Your Equipment
If your investment involves bringing equipment, machinery, or raw materials into Ghana, here’s what you need to know about duties and how to minimise them.
Ghana’s Duty System
Ghana uses the ECOWAS Common External Tariff (CET), which puts goods into five bands:
| Band | Duty Rate | What’s In It |
|---|---|---|
| 0 | 0% | Medicines, books, and capital equipment for priority sectors |
| 1 | 5% | Basic necessities and raw materials |
| 2 | 10% | Intermediate inputs and semi-processed goods |
| 3 | 20% | Finished consumer goods |
| 4 | 35% | Specific sensitive goods and development-priority products |
VAT on Imports
On top of customs duty, imports are also subject to VAT (15%), NHIL (2.5%), and GETFund levy (2.5%). The total tax burden on imported goods can be substantially higher than the headline duty rate. Factor this into your cost modelling.
How to Reduce Your Import Costs
- GIPC-registered businesses can apply for duty exemptions on plant, machinery, and equipment – apply through the GIPC
- Free Zone businesses pay zero import duties on everything used in their operations – full stop
- Agricultural machinery often qualifies for 0% duty under the ECOWAS CET
- Mining and petroleum companies can access duty relief under their respective sector legislation
Exporting from Ghana
Ghana actively wants to help you export. Key programs:
- Ghana Export Promotion Authority (GEPA): Market intelligence, trade fair support, and export development services
- AfCFTA: Preferential market access to 54 African countries as tariffs progressively reduce
- AGOA: Duty-free access to the US market for qualifying Ghanaian goods under the African Growth and Opportunity Act
- EU Economic Partnership Agreement: Preferential access for Ghanaian goods to the European market
19. Risks – Honest Assessment
Ghana is genuinely one of the better investment environments in Africa. But no investment is without risk. Here’s an honest look at what you’re dealing with and how to handle it.
| Risk | How Real Is It? | What You Can Do About It |
|---|---|---|
| Government takes my business | Low – constitutional and treaty protections are real | Choose investments covered by a BIT; consider MIGA insurance |
| Government changes the tax rules | Medium – rates and incentives do change | Negotiate stabilisation clauses in any investment agreement with the government; engage a tax advisor who monitors GRA announcements |
| The Cedi drops and wipes out my returns | High – currency depreciation is a real, recurring pattern | USD-denominate contracts; hold foreign currency accounts; use forward FX contracts |
| I can’t get my money out | Low – Act 865 guarantees this; Ghana has a track record of respecting it | Go through authorised dealer banks; document everything |
| My licence takes forever to get | Medium – regulatory timelines are often optimistic | Start the process early; use GIPC as a facilitator; hire a local consultant who knows the regulators |
| Land title dispute | Medium-High – undisclosed claims are genuinely common | Commission a proper title search; use a specialist land solicitor; use leasehold only |
| Power outages disrupt operations | High in some areas – Ghana has infrastructure gaps | Budget for on-site generation; assess power reliability in your specific location before committing |
| Court case drags on for years | Medium – courts can be slow | Include arbitration clauses in all contracts; use Ghana Arbitration Centre for commercial disputes |
| Community opposition to my project | Medium for extractives and large construction | Genuine early community engagement; community development agreements; transparent benefit-sharing |
| Partner due diligence failure | Medium – not all local partners are equal | Proper background checks; use a reputable Ghanaian law firm to vet partners; structure contracts with protections |
20. Your Investment Journey – From First Idea to Open for Business
Here’s how a typical investment journey in Ghana looks, phase by phase. Timelines are estimates and will vary depending on your industry and investment size.
Phase 1: Before You Commit (Months 1-3)
- Do your market research – understand the sector, the competition, the opportunities
- Get a legal due diligence report: sector eligibility, licensing requirements, ownership rules
- Work with a tax advisor to figure out the best entity structure and financing approach
- If land is involved, commission a title search and EPA screening early
- If you want a Ghanaian partner, identify candidates and do proper background checks
- Hire a Ghanaian lawyer and accountant you trust – ask for referrals from other investors or your embassy’s commercial section
Phase 2: Getting Set Up (Months 3-6)
- Draft and sign any joint venture or investment agreements
- Register your company at the Registrar General’s Department
- Get your Tax Identification Number from the GRA
- Register with the GIPC
- Apply for your sector-specific licences – start this immediately, as it can take months
- Apply for your EPA Environmental Permit if required – also start this now
- Open your corporate bank account
- Register with SSNIT
Phase 3: Starting Operations (Months 6-12)
- Hire your Ghanaian staff and apply for work permits for foreign employees
- Import equipment and machinery – apply for duty exemptions through GIPC
- Set up your accounting, payroll, and compliance systems
- Implement your AML/KYC and anti-corruption compliance program
- Register for VAT if your annual turnover will exceed GHS 200,000
- Notify the GIPC and relevant regulators that you’ve commenced operations
Phase 4: Running the Business (Every Year)
| What You Need to Do | How Often | Key Deadline |
|---|---|---|
| File corporate income tax return | Annual | 4 months after year-end (April 30 for calendar-year companies) |
| Pay quarterly estimated corporate tax | Quarterly | End of months 3, 6, 9, 12 of your accounting year |
| Remit PAYE (employee income tax) | Monthly | 15th of following month |
| File VAT return and pay VAT | Monthly | Last working day of following month |
| Remit SSNIT (Tier 1 & Tier 2) pension contributions | Monthly | 14th of following month |
| File employer’s annual PAYE schedule | Annual | 31 March |
| File annual GIPC investment report | Annual | 31 March |
| File annual company returns with Registrar General | Annual | 28 days after your AGM |
| Submit EPA environmental compliance report | Annual | 31 January |
| Have financial statements audited | Annual | Within 6 months of year-end |
| Renew operating licences and permits | Annual or biennial | Varies by regulator |
21. Who to Call – Key Government Contacts
| Organisation | What They Do for Investors | Website |
|---|---|---|
| Ghana Investment Promotion Centre (GIPC) | Your first stop – registration, facilitation, dispute help | gipcghana.com |
| Registrar General’s Department (RGD) | Company registration and IP registration | rgd.gov.gh |
| Ghana Revenue Authority (GRA) | All taxes – corporate, VAT, PAYE, withholding | gra.gov.gh |
| Bank of Ghana | Banking regulation and foreign exchange rules | bog.gov.gh |
| Ghana Free Zones Authority (GFZA) | Free zone registration and administration | gfzagh.com |
| Lands Commission | Land registration, title searches, lease approvals | lc.gov.gh |
| Environmental Protection Agency (EPA) | Environmental permits and EIA process | epa.gov.gh |
| Minerals Commission | Mining sector regulation | mincomgh.com |
| Petroleum Commission | Oil and gas sector regulation | petroleumcommission.com |
| National Communications Authority | Telecoms regulation | nca.org.gh |
| Securities & Exchange Commission | Capital markets and investment funds | sec.gov.gh |
| Ghana Arbitration Centre | Commercial dispute resolution | ghanaac.com |
22. Your Pre-Investment Checklist
Before you commit to investing, make sure you can tick every box below. If you’re unsure about any of them, that’s the signal to get professional advice.
Before You Sign Anything
- I’ve confirmed my intended business is not in a sector reserved for Ghanaians
- I understand the minimum capital requirement for my type of investment
- I’ve had a Ghanaian lawyer review the sector licensing requirements
- I’ve done due diligence on any Ghanaian partner I’m working with
- I have a tax advisor who has reviewed my entity structure and financing
- If my investment involves land, I’ve commissioned a formal title search
Before You Start Operations
- Company is registered with the Registrar General’s Department
- GIPC registration is complete (mandatory for any foreign-participation business)
- I have my Tax Identification Number from the GRA
- All sector-specific licences and permits are in hand
- EPA Environmental Permit is in place (if required by my project)
- Corporate bank account is open at an authorised dealer bank
- Business is registered with SSNIT for employee pensions
- Work and residence permits are in place for any foreign staff
Once You’re Running
- Monthly PAYE remittance system is in place
- Monthly SSNIT contribution system is in place
- VAT registration completed and VAT returns scheduled (if applicable)
- Anti-corruption policy is written, shared, and enforced
- AML/KYC procedures are implemented (if in a regulated sector)
- Annual compliance calendar is set up for all filing deadlines
- A qualified Ghanaian accountant is preparing and auditing accounts
A Note on This Guide
This guide is written to give investors a clear, honest, plain-English overview of Ghana’s investment laws and protections as of early 2026. It is not legal advice and should not be treated as such.
Laws change. Tax rates change. Regulations are updated. And your specific situation – what sector you’re in, where you’re from, how you’re structuring the investment – will affect which rules apply to you and how.
Before making any significant investment decision, please consult a qualified Ghanaian lawyer and a certified tax advisor. The small cost of proper legal and tax advice before you invest is a fraction of the cost of getting it wrong.
Key Sources
- Ghana Investment Promotion Centre Act, 2013 (Act 865)
- Constitution of the Republic of Ghana, 1992
- Companies Act, 2019 (Act 992)
- Income Tax Act, 2015 (Act 896)
- National Pensions Act, 2008 (Act 766)
- Free Zones Act, 1995 (Act 504)
- Labour Act, 2003 (Act 651)
- Foreign Exchange Act, 2006 (Act 723)
- Environmental Protection Agency Act, 1994 (Act 490)
- Public Private Partnership Act, 2020 (Act 1039)
- Payment Systems and Services Act, 2019 (Act 987)
- Anti-Money Laundering Act, 2008 (Act 749)
- Alternative Dispute Resolution Act, 2010 (Act 798)
- PwC Ghana Tax Facts & Figures 2024
- Ghana Revenue Authority – gra.gov.gh
- Ghana Investment Promotion Centre – gipcghana.com
- UNCTAD Bilateral Investment Treaties Database
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