The government of Ghana is taking a significant step towards integrating its economy into the global community by seeking to provide a unique global legal identity to all businesses in the country. The move, which is part of the government’s broader economic development agenda, will enable Ghanaian businesses to participate in a globally accepted verification process and thus enhance their credibility and reach.
In a recent address at the 53rd General Assembly of the World Trade Centers Association in Accra, Vice-President Dr Mahamudu Bawumia announced that discussions have already begun with the Global Legal Entity Identity Foundation to make this a reality. This is an important move for Ghana, as it seeks to establish itself as a reliable and trustworthy partner in the global marketplace.
Dr Bawumia emphasized the importance of a unique legal identity for businesses, stating that it would provide the necessary confidence and trust for businesses to know who they are dealing with. This would help facilitate transactions both within Africa and beyond, as there would be a single, unique global legal identity for all businesses.
This announcement follows the successful implementation of the Ghana Card, which provides unique identity to individuals. Dr Bawumia noted that the case for unique identification for individuals is equally important as a unique identification for businesses. He urged the African Continental Free Trade Area (AfCFTA) Secretariat to support the initiative to ensure that businesses across the continent can also benefit from this unique identification system.
The Ghanaian government’s decision to seek a unique global legal identity for businesses is a significant step towards ensuring that the country’s businesses are able to compete effectively on the global stage. By establishing a reliable and trusted system of verification, Ghanaian businesses will be able to establish themselves as credible partners in the global marketplace. This, in turn, will help to attract investment, promote economic growth, and drive development across the country.
Source: norvanreports.com