The IFC, a member of the World Bank Group, has called on the government to improve the business environment in the country to promote growth.
According to the IFC, achieving the projected GDP growth target of 6.3 percent is hinged on having an enabling environment for businesses especially the private sector to thrive.
In 2007 and 2008, Ghana was recognized among the top 10 Doing Business global performers.
Meanwhile in the 2017 Doing Business Report, Ghana ranked 108th out of 190 economies in ease of doing business.
Speaking at a high level dialogue on opportunities for ambitious reforms of the business environment in Ghana hosted by the IFC, Vice-President and General Counsel of IFC, Ehthiopis Tafara 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.”
Mr. Tafara expressed confidence in the new government’s commitment to creating a better environment for the private sector to thrive and emphasized that IFC is ready to support Ghana’s reform efforts through investments, mobilising capital from other investors, and providing advice when needed.
The dialogue saw the Vice President of Ghana, Alahji, Mahamudu Bawumia who led the Ghanaian delegation remarking, “Ghana is open for business. Something very exciting is happening in Ghana today. We have set the task of becoming the most business friendly economy in Africa.”
The session also highlighted opportunities to leverage information and communications technologies to enhance the business environment in Ghana, and the importance of business reform leadership.
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.
Currently, the 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.
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