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Ghana Citizenship > News > Business > Ghana Foreign Investment Guide (2025 Laws Explained)

Ghana Foreign Investment Guide (2025 Laws Explained)

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’s Reputation Among Investors
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

 

What Counts as Capital?
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.

 

Important – Potential Policy Reform
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

 

How This Works in Practice
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

 

Register Regionally Too
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.

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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)

 

The Golden Rule on Contracts
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

 

Free Zones Work Best For
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.

 

Work Permits
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.

 

Skills Transfer Expectation
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

 

Land Disputes Are Common
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)

 

Joint Ventures — Get the Agreement Right
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

 

One Important Thing
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:

  1. Costs of the winding-up process itself (liquidator fees, legal costs)
  2. Employee wages and pension contributions owed
  3. Secured creditors (lenders with a charge over assets)
  4. Unsecured creditors (suppliers, contractors, etc.) – sharing what’s left proportionally
  5. 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

 

 

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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Compliance note: All money transfer services must be licensed by the Bank of Ghana.