Dr Abudu Abdul-Ganiyu, Managing Partner of Emerging Markets Advisory Limited, has identified bureaucratic delays and public sector inefficiency as major challenges hindering Ghana's ability to convert investment projects into actual capital inflows. He made these remarks in Accra during the presentation of the maiden edition of a quarterly investment report covering 22 African countries. The report highlights Ghana's need to improve the ease of doing business and accelerate the process of moving projects from the interest stage to signed agreements and confirmed investment inflows.
Dr Abdul-Ganiyu's comments come as Ghana seeks to boost its investment inflows. According to him, the country's regulatory framework has made progress, with its performance in the World Bank Business Ready Report improving from about 60 per cent in 2020 to about 66 per cent. However, he noted that more needs to be done to address public sector efficiency, which remains a concern. Ghana's regulatory performance still lags behind some countries, and Dr Abdul-Ganiyu emphasized the need for continued improvement.
The quarterly investment report provides comparative information on investment conditions in countries including Ghana, Nigeria, Côte d’Ivoire, Kenya, Ethiopia, Rwanda, Zambia, and Namibia. The report covers the period from May to August and offers country-by-country information on projects at the attention stage, those with commitments, and areas where confirmed inflows have been recorded. Dr Abdul-Ganiyu stated that the detailed report would be made available on his company's website.
Dr Abdul-Ganiyu identified delays within the public sector as a significant challenge that can prevent investment projects from moving from the attention stage to firm commitments and eventual confirmed inflows. He also highlighted operational challenges, including power supply, distribution networks, and transportation infrastructure, as factors that could influence investors' decisions. Addressing these challenges is crucial to translating investment projects into actual capital inflows.
The Managing Partner of Emerging Markets Advisory Limited emphasized the importance of improving Ghana's ease of doing business. He noted that the speed at which agreements are signed with investors is critical. Dr Abdul-Ganiyu's comments suggest that Ghana needs to streamline its processes to facilitate investment inflows. This can be achieved by addressing bureaucratic delays and improving public sector efficiency.
Dr Abdul-Ganiyu's report highlights the need for Ghana to invest in infrastructure, including ports and railway systems. He stated that these investments are essential for translating most of the investments in the pipeline or at the attention stage into actual commitments and eventual inflows. The report's findings and recommendations are expected to inform policy decisions and investment strategies.
The report's author, Dr Abudu Abdul-Ganiyu, presented the findings in Accra, and the information is expected to be of interest to investors, policymakers, and business leaders. The report provides valuable insights into Ghana's investment climate and identifies areas for improvement. By addressing the challenges highlighted in the report, Ghana can improve its investment inflows and boost economic growth.
Key points
- Dr Abdul-Ganiyu recommends that Ghana improve its ease of doing business and accelerate the process of moving projects from the interest stage to signed agreements.
