We want to become most business friendly economy in Africa – Bawumia

The Vice President, Mahamudu Bawumia says Ghana wants to become the most business friendly country in Africa. Speaking during a high level dialogue on opportunities for business reform in Ghana in Washington DC, he said, “Ghana is open for business. Something very exciting is happening in Ghana today,” adding, “We have set the task of becoming the most business friendly economy in Africa.”

According to a press release from the International Finance Corporation (IF) of the World Bank Group, organisers of the dialogue, 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.

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.

The release noted that Ghana was recognized among the top 10 Doing Business global reformers in 2007 and 2008, and is again signaling that it wants to drive higher growth with private investment.

“In the 2017 Doing Business report Ghana ranted 108th out of 190 economies in ease of doing business,” it added.

Ghana is the fourth largest IFC exposure country in the world. The World Bank Ghana Country Office said last July 7, 2016 that the IFC was financing 13 projects in the country totaling $535 million, and according to the World Bank Ghana officials, the financing has created 41,258 direct jobs.

As at June 2015, the IFC said it had invested a total of $2.4 billion in Ghana.

The IFC has indicated that it is investing 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,” it says.