World Bank Investment Competitiveness Forum: Bawumia in Austria To Represent Ghana

The Vice President of the Republic, Dr. Mahamudu Bawumia is currently in the capital city of Austria, Vienna, to represent Ghana at the World Bank Investment Competitiveness Forum holding between the 24th and 27th of October, 2017.

The World Bank Investment Competitiveness Forum has its major focus on deliberating over what drives Foreign Direct Investment (FDI), how it contributes to development and what governments can do to maximize the benefits of FDI in developing countries.

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The meeting which is hosted by the Trade and Competitiveness Global Practice of the World Bank Group, will discuss the above issues and other critical questions with senior policymakers, executives of multinational corporations, donor partners, academia, and World Bank Group staff.

Other prominent events to take place at the forum include the launching of the latest Global Competitiveness Report as well as recognition of developing countries that have taken significant steps to implement investment policy reforms.

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The Vice President is also billed to participate in the 7th Nordic-African Business Summit which will hold on October 26, 2017 in Oslo, Norway. He is expected to return to Accra on Friday, 27th October, 2017.

Ghana Selected as Network Founding Member

A statement released by the World Bank revealed that Ghana has been selected to be a Founding Member of the Group’s Investment Reformers Network, which will be inaugurated at the Investment Competitiveness Forum.

According to the statement, although different international indicators have over the years, captured reforms undertaken by Governments to improve the ease of undertaking small and medium firm businesses, it was discovered that there are no existing reforms that account for FDI and its aftermath effects on the domestic economy, hence the need for the Investment Reformers Network.

For a long time, different international indicators have captured reforms undertaken by Governments to improve the ease of undertaking business by small and medium firms. However, those indicators do not capture the transformational Investment Policy and Promotion (IPP) reforms that can unlock FDI. Thus, key reforms impacting FDI and its spillover effects on the domestic economy may go unnoticed by the international investment community,” part of the statement reads.

The statement went ahead to explain that the Investment Reformers Network “aims at providing visibility to such [IPP] transformational reforms with inputs from WBG (World Bank Group) support, and showcase their impact to the international business community”.

It also revealed that participation in the network is strictly by invitation and about 15 countries have been selected for 2017.