By Malise Otoo – An official of the World Bank Group’s member organization, International Finance Corporations (IFC) applauds Ghana’s business climate and focus on small and medium enterprises.
IFC Vice President, Economics & Private Sector, Hans Peter Lankes, expressed satisfaction about the Private Sector and small and medium enterprises (SME) business climate in Ghana. He also applauds the effort the Government of Ghana is making to promote an enabling environment for most businesses to thrive across the country.
He made the remark speaking last Friday in Accra on addressing the meeting on the Private Sector Business Environment in Ghana. “IFC is active, long-term investor in Ghana, recognizes its potential and good track record. With over $4 billion in total investment commitments since 2008, Ghana is third largest portfolio in Africa,” he said.
The G20 compact will benefit Africa in many ways especially coming at the time of the Africa Continental Free Trade Area, according to It will not only strengthen the capacity of Small and Medium Enterprises (SMEs) on the continent, but also help open up the system for Intra-Africa Free Trade and the EU.
The African Continental Free Trade Area is the result of the African Continental Free Trade Agreement among all 55 members of the African Union. If ratified, the agreement would result in the largest free-trade area in terms of participating countries since the formation of the World Trade Organization.
On his part, Nana Addo Dankwa Akuffo Addo has reaffirmed Ghana’s commitment to the compact, describing the country as, ‘‘a haven of peace, security, and Rule of Law’’.
Again, he assured investors of their investments saying that their investments are protected by facts and in law.
The President of Ghana also reiterated that the G20 Compact with Africa will help promote job creation.
Lastly, Ghana’s Minister of Finance, Ken Ofori-Atta expressed similar views describing Ghana haven made significant progress in the Macroeconomic environment. He made particular mention of the Fintech sector and says he sees a great opportunity for Ghana.
The G20 Compact with Africa (CwA) was initiated under the German G20 Presidency to promote private investment in Africa, including in infrastructure. The CwA’s primary objective is to increase attractiveness of private investment through substantial improvements of the macro, business and financing frameworks.
It brings together reform-minded African countries, international organizations and bilateral partners from G20 and beyond to coordinate country-specific reform agendas, support respective policy measures and advertise investment opportunities to private investors.
The initiative is demand-driven and open to all African countries. Since its launch in 2017, the CwA has sparked great interest”.
Following this move, a Germany – Ghana Investors forum has been held simultaneously in Berlin and Accra with the aim of bringing together key investors and stakeholders in the realization of the compact.