Mr. Akwasi Oppong-Fosu, a former minister and local governance and policy analyst, has been sworn-in as the new Board Chairman of the Ghana Investment Promotion Centre (GIPC) with a renewed quest to chart a new course for post-pandemic FDI recovery.
Having served as a public servant for over four decades, Mr. Oppong-Fosu comes to the position with a rich and diverse plethora of experiences to steer the affairs of the GIPC board. His is seen as a very strategic one considering the requirements and demands of building an investor friendly economy which will drive growth and improve livelihoods.
Mr. Akwasi Oppong-Fosu has served as Member of Ghana’s Parliament between 2013 and 2017 for the Amenfi East Constituency in the Western Region. During this period, he served in various ministerial positions including Minister for Local Government and Rural Development, Minister of State Environment, Science, Technology and Innovation, Minister of State Responsible for Development Authorities dispensing his duties to the state in an honorable fashion.
Post his political career, Mr. Oppong-Fosu, currently serves as Chair of the Africa Global Emergence Center, President of the Africa Growth Solutions, President of Expothon Ghana – a branch of Expothon Worldwide, a think tank for the national mobilization for entrepreneurialism program to uplift and upskill small and midsize businesses through innovation and excellence.
Mr. Oppong-Fosu has mounted various international platforms, conferences and forums including the UN, Crans Montana Forum, The Wall Street Economic Summit and Marrackech Security Forum among others focusing on subjects such as leadership, governance, entrepreneurial and sustainable development.
His exemplary leadership and commitment to local government and decentralization earned him a recognition by the United Cities and Local Governments (UCGL) in 2013 for his contribution to strengthening decentralization and local governance through his leadership roles in the African Union of Local Government Authorities and International Local Government Organizations such as the United Nations Advisory Committee on Local Authorities.
Mr. Oppong-Fosu is expected to leverage his leadership and vast of global network and understanding of the global investment architecture to guide and provide foresight for the GIPC and ensure its operations meet international standards whiles executing the intended vision of H.E. John Dramani Mahama.
A critical focus, however, will be directed at building a win-win environment for investors through a robust framework of strong and firm investor relationships. There are also expectations of driving investment into Ghana’s critical sectors that anchor growth and development of the Ghanaian economy.
Mr. Oppong-Fosu after taking the oath of service with other nine members of the GIPC board expressed his immense gratitude to the president, H.E John Dramani Mahama, for the trust imposed in him and the other board members. “It is an honour and a privilege to serve at this highest level at the GIPC”, Mr. Oppong-Fosu shared whiles giving his remarks as the chairman of the board after taking his oath.
He mentioned the board is fully aware of its roles and responsibilities saying that they (Board) will serve as the mediator between political leadership, the center (GIPC) and the investment community, responsibilities Mr. Oppong-Fosu says the board will not take lightly. He promised the board will dispense its core mandate to the satisfaction of the people of Ghana through the achievement of the vision of President John Dramani Mahama.
Trade, Agribusiness and Industry Minister, Elizabeth Ofosu-Adjare, who administered the oath of service at the swearing-in ceremony which took place the Trade, Agribusiness and Industry Ministry Wednesday 9th of July, 2025 showed satisfaction with the composition of the new GIPC board, describing the members great men and women.
“I am confident that you know the mandate of board for which you have been called to serve, primarily to bring foreign direct investment to Ghana”, the minister noted in a brief yet poignant speech after administering the oath of service. She however hinted of possible amendments to the GIPC Act (Act 865) to make it “more robust, more effective” to help the board and the GIPC achieve their respective mandates mandate.
According to the GIPC Act, 2013 (Act 865) the new board will provide governance and oversight by directing and overseeing the Centre’s activities to ensure it meets its stated objectives of promoting ad facilitating investment in Ghana; policy implementation responsibilities; establishment of committees; ensuring compliance with ministerial directives; and oversee the centers’ financial management including approving investments, ensuring proper accounts and audits, and submitting financial report to the Auditor General.
Mr. Oppong-Fosu will have the responsibility to lead the center in taking strategic investment decisions – determining the priority areas for strategic investment which aligns with short-term, medium to long-term development goals of Ghana.
FDI inflows into Ghana has witnessed undulating wave over the past eight years. FDI inflows peaked in 2019 ($3.88 billion) but declined sharply in 2020 due to COVID-19 and further in 2022–2023 due to Ghana’s debt default and macroeconomic instability. Recovery signs emerged in 2023–2024 with IMF support and debt restructuring. Mining (especially gold) and oil/gas dominated FDI, followed by agriculture (cocoa) and infrastructure projects like the 2022 railway line.
There are existential challenges the board and management of the Ghana Investment Promotion Center (GIPC) would have to deal with in Ghana’s attempt to redeem its original status as the top investor-friendly country in Africa. Key amongst the challenges include high debt overhang, volatile exchange market, and inflation, bureaucracies in business registration, complex tax regimes and local content regulation.
Sefah-Danquah S.