Accra, Ghana, November 20, 2017—
A new joint IFC and World Bank study has
identified agribusiness, ICT and education services in Ghana as high growth potential sectors.
The study emphasizes several important reforms needed to promote private sector investments, in particular facilitating trade, providing competitive energy, opening rural land markets, developing technical skills, and financing small and medium enterprises (SMEs). In addition, targeted measures to facilitate the entry of “pioneer investors” that can create new markets and have a demonstration effect for other investors can be introduced.
IFC Regional Director for Sub-Saharan Africa Oumar Seydi said, “IFC is committed to working toward creating markets and mobilizing significantly more finance in Ghana through the private sector. Better identification of targeted key sectors for growth will help us engage to encourage good policies, and interest from investors.”
“We are supporting Ghana’s government to further encourage private sector’s role in addressing development challenges and driving inclusive and sustainable growth,” said Henry Kerali, World Bank Country Director for Ghana, Liberia and Sierra Leone. “The study analyses all of Ghana’s economic sectors to determine how the private sector can best become the country’s engine of growth.”
“At the World Bank Group, we have decades of experience in unlocking private investment,” said Hans Peter Lankes, Vice President, Economics and Private Sector Development, IFC. “With our support for policy and regulatory reforms, we can de-risk countries and make private finance a viable option for governments. This can help level the playing field and provide development solutions that benefit the poorest.”
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About the Country Private Sector Diagnostic (CPSD):
The World Bank Group’s new Country Private Sector Diagnostics aim to identify sectors where private sector solutions can create or expand markets and make substantial contributions to development impact. Piloted in Kazakhstan and Ghana, the diagnostics use a structured approach to analyze key sectors with unrealized private sector potential in each country, select several sectors for deeper analysis, and make recommendations for action. The sector analyses, conducted with significant input from teams across the World Bank Group and from external partners, provide valuable information on the challenges and opportunities to better leverage the private sector to achieve developmental objectives. The CPSD aligns with the World Bank Group’s Maximizing Finance for Development (MFD) approach, which looks to private sector solutions to reach the 2030 Sustainable Development Goals.
About the World Bank Group
The World Bank Group plays a key role in the global effort to end extreme poverty and boost shared prosperity. It consists of five institutions: the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Working together in more than 100 countries, these institutions provide financing, advice, and other solutions that enable countries to address the most urgent challenges of development. For more information, please visit
www.worldbank.org
,
www.miga.org
, and ifc.org.
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