Share
Ghana up 6 places in doing business ranking
Ghana moved up six places to rank 114 out of 190 economies in the World Bank’s 2019 Doing Business Report. The country’s score increased by 2.06 to 59.22. Yofi Grant, Chief Executive Officer of the Ghana Investment Promotion Centre joins CNBC Africa to discuss the ease of doing business in Ghana.
Thu, 01 Nov 2018 11:35:27 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Ghana's significant improvement in the Doing Business ranking, moving up six places to rank 114, reflects the country's strategy to position itself as a hub for businesses and investments.
- The reforms implemented in areas such as trade, taxation, and construction permits have contributed to Ghana's enhanced score and motivated the nation to pursue further improvements.
- Ghana's long-term goal of achieving single-digit rankings in the Doing Business report signifies its commitment to fostering a conducive business climate that supports economic growth and job creation.
Ghana has made significant strides in the ease of doing business, moving up six places to rank 114 out of 190 economies in the World Bank's 2019 Doing Business Report. This positive development reflects the country's commitment to creating an attractive business and investment environment. Yofi Grant, the Chief Executive Officer of the Ghana Investment Promotion Centre, shared insights into the reforms and strategies that have contributed to Ghana's improved ranking. Grant emphasized that Ghana's vision is to position itself as a hub for businesses and investments, driving economic growth and stability. Ghana's score in the report increased by 2.06 to 59.22, a notable achievement that motivates the nation to pursue further enhancements. Grant highlighted the key reforms that led to this progress, including a paperless customs system, tax payment facilitations, and stricter controls on construction permits. These improvements positively impacted Ghana's standing in the indicators used for the report, particularly in trade, taxation, and construction sectors. He also mentioned ongoing reforms that are expected to yield more significant results in future rankings. The government's focus on macroeconomic stability, reinforced by substantial reforms, aligns with the objective of fostering sustainable economic growth. Grant underscored the importance of continuous improvement to attract investments, spur job creation, and enhance the overall business environment. Interaction with the business community plays a crucial role in understanding their needs and formulating policies that support their operations. Grant highlighted engagements with trade associations and stakeholders to address challenges like protection against foreign domination and access to capital. He mentioned initiatives such as the National Enterprise Innovation Fund and digitalization projects aimed at facilitating business operations and ensuring a clean banking sector. Ghana's long-term strategy includes aiming for single-digit rankings in the Doing Business report, demonstrating a proactive approach to creating a conducive business climate for sustainable development. Grant emphasized the interconnectedness of economic growth, job creation, and government stability, emphasizing the importance of removing barriers to business to foster a thriving economy.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.