The International Finance Corporation (IFC) says it is satisfied with the programmes that government is planning to implement to improve the business environment.
Vice President Dr. Mahamadu Bawumia at a recent engagement with the private sector wing of the World Bank and some investors, promised to implement the necessary reforms to make Ghana the preferred business destination in Africa.
The latest World Bank Africa doing business report saw Ghana go up by some three places to 108 out of 190 countries ranked.
However, in the Africa region, Ghana is ranked ninth, coming after countries Lesotho and Zambia, with Mauritius being the best place for doing business in Africa.
There have been concerns about government’s commitment to addressing the numerous concerns affecting the growth of business in Ghana.
But speaking with JOYBUSINESS in Washington DC, IFC Vice President Ethiopis Tafara the reforms taking place so far in Ghana are encouraging.
“They have quite intelligently looked at what other governments have done. Governments they see having achieved the kinds of reforms and progress in terms of private sector development and looking to use those examples and apply them in the Ghanaian context.
“We at the IFC have been involved in working with these other governments and instituting reforms that have led to a more business friendly environment. So I think the success of these countries shows that it is a smart strategy to try and apply those in the Ghanaian context as well.
According to him, moving up the rankings also depends on what others are doing but he does not think the focus should be so much moving up the ranking but rather creating a more business-friendly environment.
“When you work on improving the business environment, you will inevitably move up the rankings but the objective is not simply to move up the ranking. Changing the environment in which businesses operate to make them more conducive is more important,” he added.