The World Bank has selected Ghana to be a Founding Member of the Investment Reformers Network.
Ghana is part of some 15 selected countries worldwide, to participate in the Network, this year.
It follows what the Bank describes as Ghana’s transformational reforms impacting Foreign Direct Investment (FDI) and its spillover effect on the domestic economy.
‘For a long time, different international indicators have captured reforms undertaken by governments to improve the ease of undertaking business by small and medium firms. However, those indicators do not capture the transformational Investment Policy and Promotion (IPP) reforms that unlock FDI,’ the World Bank stated.
According to the World Bank, Ghana’s membership to the Investment Reformers Network will also “provide visibility to some of her transformational reforms with inputs from the World Bank Group support and showcase their impact to the international business community.”
Ghana has been working to improve its business competitiveness following the 2016 ease of doing business report which placed it 108th out of 190 countries surveyed worldwide.
Some of these interventions include; the shift to electronic systems for business registration at the Registrar General’s Department, the paperless port systems as well as the introduction of a national digital property addressing system to enhance information gathering.
The Ghana Investment Promotion Centre (GIPC) has also been at the forefront of attracting investments into Ghana through revision of aspects of its guiding laws as well as improve the ease of accessing information for investment decisions.
Vice President, Dr. MahamuduBawumia would be attending the inauguration of the Investment Reformers Network at the World Bank’s Investment Competitiveness Forum in Vienna, Austria from Wednesday, October 25, 2017 to Friday, October 27, 2017.
A statement from the Vice President’s office also indicated he will participate in the 7th Nordic – African Business Summit in Oslo, Norway slated for Thursday, October 26, 2017.