Towards a conducive investment climate within Ecowas: The case for the amendment of sections 27 and 28 of the Ghana Investment Promotion Centre act 865 of 2013

Abstract

Since the independence of Ghana, she has been at the forefront of the integration of the African continent and for that matter the West African sub-region. Many developing countries are moving towards adapting to international and regional arrangements to enhance their relevance and leverage on trade and investment opportunities for their socio-economic development. Ghana is considered as having one of the safest and most conducive investment climates for doing business in Africa. This stride is attributed to its enduring democratic and legislative environments. The gains made so far in this respect seem to be losing its steam due to the far-reaching conflicting provisions that exist between the Ghana Investment Promotion Centre Act 865 of 2013 which regulates the investment activities in Ghana and that of the Economic Community of West African States (ECOWAS) provisions in the Protocol on Free Movement of People, Goods and Services. Through a qualitative desktop analysis of the legal literature available, this paper argues that some provisions of Act 865 specifically sections 27 and 28 of Act 865 are in violation of Ghana’s obligation under the ECOWAS protocols. On the backdrop of article 36(4) of the 1992 Constitution of the Republic of Ghana, this article identified such provisions in Act 865 and proposes an amendment to conform with the Community laws of ECOWAS to engender socio-economic development and political security of the subregion.