GIPA CEO urges local companies to build sustainable businesses, explore regional markets and expand beyond Ghana’s borders.
Chief Executive Officer of the Ghana Investment Promotion Authority (GIPA), Simon Madjie, has urged Ghanaian businesses to build sustainable operations beyond government contracts if they are to grow into major commercial enterprises.
Speaking on JoyNews’ PM Express Business Edition, Mr Madjie questioned whether businesses that rely heavily on state contracts could achieve long-term growth without developing independent and sustainable business models.
“The understanding is that should the growth be organic when you become more stable, or should it just be one where the government gives them contracts, and then afterwards, what happens next?” he asked.
He warned that excessive dependence on government contracts could encourage businesses to pursue political connections rather than adopt sound commercial practices and strategies for sustainable growth.
“So then they become like political entrepreneurs, and not necessarily business people who are following the principles that will allow their businesses to grow,” he said.
Building stronger local businesses
Mr Madjie cited Kasapreko as an example of a Ghanaian company that has expanded by understanding and developing its value chain.
He explained that strengthening domestic businesses had long been a priority of government interventions, including local content regulations, the Ghana Export-Import Bank (Ghana Exim) and other institutions that provide financing to local enterprises.
“It’s to build strong local businesses,” he said.
However, he noted that the ambition must extend beyond helping Ghanaian companies establish themselves in the domestic market to enabling them to compete internationally.
New GIPA law opens doors for overseas expansion
According to Mr Madjie, the new GIPA law empowers the authority to support Ghanaian businesses seeking investment opportunities abroad.
He said the objective was to help successful domestic companies enter other African markets and expand their operations globally, creating opportunities to generate profits that could flow back into Ghana.
Mr Madjie stressed that local businesses needed to look beyond the domestic market as competition intensifies under the African Continental Free Trade Area (AfCFTA).
He indicated that expanding into other markets would help Ghanaian companies strengthen their competitiveness, diversify their revenue streams and build greater resilience.
GIPA maps investment opportunities across Ghana
At the domestic level, Mr Madjie said GIPA was mapping investment opportunities across districts and regions to help businesses identify prospects they might otherwise overlook.
The authority was also organising regional investment roadshows to connect Ghanaian businesses with opportunities beyond their traditional operating areas.
“We are encouraging Ghanaian businesses to come along to the regions to see the opportunities that are in those regions, as well, so they can also take advantage of them,” he said.
The initiative is intended to encourage investment across the country while helping businesses discover new markets, resources and commercial opportunities outside major economic centres.
Domestic investors remain crucial to economic growth
Mr Madjie maintained that supporting local businesses and domestic investors was essential to the success of any government.
He argued that economic development depended on building strong Ghanaian enterprises capable of competing at home and abroad, rather than allowing them to remain dependent on public contracts.
“No government will succeed by diminishing the influence of its local businesses or domestic investors. No government,” he stated.
His remarks highlight GIPA’s emphasis on strengthening domestic investment, encouraging private-sector growth and helping Ghanaian companies position themselves for opportunities across Africa and the wider global economy.
