Ghana has been selected by the World Bank to join the ranks of founding members of the Investment Reformers Network – a multilateral investment guarantee agency of the World Bank alongside 15 other nations chosen for the 2017 batch.
The decision of the World Bank is based on what it acclaims to be Ghana’s transformational reforms which has impacted the country’s Foreign Direct Investment (FDI) and has resulted in a corresponding positive effect on the domestic economy.
In a statement made available to the media on the move, the World Bank stated that: ‘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’.
In addition, it explained that Ghana’s membership in the network will, “provide visibility to some of her transformational reforms with inputs from the World Bank Group support and showcase their impact to the international business communityâ€.
The latest decision of the World Bank brings a sigh of relieve or at least an resounding boost to the government’s morale in its effort to improve the country’s business competitiveness, in the aftermath of Ghana’s 2016 ranking as the 120th out of 190 countries surveyed worldwide for ‘ease of doing business’ - 12 points down from its last year's position of 108th.
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