Ghana: IFC Rallies Stakeholders on Ease of Business, Investment Reforms

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In a bid to drive further growth with private investment in Ghana, the International Finance Corporation (IFC) hosted a high-level dialogue to share the World Bank Group’s global expertise and best practice on the ease of doing business.

The session was also a platform to help participants better understand government’s reform priorities in the area.

Opportunities to leverage ICT to enhance the business environment; and importance of business reform leadership and championing and communications to sustain the country’s reform momentum were discussed.

Vice President and General Counsel, IFC, Ehthiopis Tafara said the IFC is ready to support Ghana’s reforms efforts through investments, mobilizing capital from other investors and counsel if need arises.

“New governments with fresh mandates often have a window of opportunity for reform, so the time is ripe to implement immediate and long-term reforms that can improve the business environment in Ghana and attract new investment,” Tafara added.

Ghana elected President Nana Akufo-Addo in December 2016 replacing President John Mahama.

IFC support to Ghana includes investment in a range of sectors including the energy value chain, banking, education and infrastructure.

The Trade and Competitiveness Global Practice of the World Bank Group has also helped build the reform capacity of previous Ghanaian governments.

The country ranked 108th out of 190 economies in ease of doing business by the 2017 Doing Business Report and is signalling desire to enhance its position.

Vice President Mahamudu Bawumia said, “Ghana is open for business. We have set the task of becoming the most business friendly economy in Africa.”

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