Local businesses to be given legal entity identifier to boost participation in global transactions – Bawumia
During the opening session of the 53rd General Assembly meeting of the World Trade Centers Association (WTCA) in Accra, Vice President Dr. Mahamudu Bawumia announced that Ghana is set to introduce a global legal entity identifier, which will boost the participation of local businesses in global transactions.
The legal entity identifier is a unique reference code used across markets and jurisdictions to identify a legally distinct entity that engages in financial transactions, an initiative driven by the G20 and the Financial Stability Board.
By providing legal identity to businesses, particularly small and medium-sized enterprises (SMEs), it is expected that they will be able to participate fully in global financial transactions and improve risk management for financial services companies, as well as enhance marketplace integrity between counterparties.
Dr. Bawumia stated that discussions have already begun with the Global Legal Entity Identity Foundation (GLEIF), making Ghana the first country in sub-Saharan Africa to implement this initiative.
This will be in addition to other initiatives, including the Ghana Card novelty.
The Vice President highlighted that these initiatives underscore the government’s commitment to building a strong foundation for accelerated growth. At the meeting, which was the first-ever held in Africa by the WTCA, Togbe Afede XIV, the Executive Chairman of World Trade Centre – Accra, emphasized that stability and good governance are key cornerstones for economic transformation.
Similarly, the Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, noted the countless opportunities for investments in Africa while highlighting the significance of economic integration of the continent.
Source: Ghana Business
