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Business News of Saturday, 22 April 2017


IFC dialogue highlights prospects for improved business environment in Ghana

IFC, a member of the World Bank Group, today hosted a high level dialogue on opportunities for ambitious reforms of the business environment in Ghana.

The session was aimed at helping participants better understand government’s reform priorities and to share some of the World Bank Group’s global expertise and best practice in this area. Dr Mahamudu Bawumia, the Vice President of Ghana, led the dialogue on behalf of the Ghanaian government.

“Ghana is open for business. Something very exciting is happening in Ghana today,” said Bawumia at the end of the discussion, “We have set the task of becoming the most business friendly economy in Africa.”

The session highlighted opportunities to leverage information and communications technologies to enhance the business environment in Ghana, and the importance of business reform leadership, championing and communications to sustain the country’s reform momentum.

Ehthiopis Tafara, IFC Vice-President and General Counsel, said “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 expressed confidence in the government’s commitment emphasized that IFC is ready to support Ghana’s reform efforts through investments, mobilizing capital from other investors, and providing advice when needed.

Ghana was recognized among the top 10 Doing Business global reformers in 2007 and 2008, and is again signaling that it wants drive higher growth with private investment. In the 2017 Doing Business report Ghana ranted 108th out of 190 economies in ease of doing business.

The World Bank Group supports Ghana through a large number of engagements. IFC is investing in Ghana across a range of sectors, from the energy value chain, to banking and education.

In 2016, IFC arranged a $667 million financing package to increase the container capacity of the port of Tema, Ghana’s main seaport, in a transaction that is set to trigger increased trade flows and improved transport links across West Africa.

The World Bank Group’s Trade & Competitiveness Global Practice has been supporting business reform programs in close to 40 countries in Africa, including Ghana, helping to build the capacity of reform-minded Governments.

Instructively, IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most.

In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity.