A new joint International Finance Corporation (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,” he added.