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The World Bank Group has released the Business Ready (B-READY) Report in Ghana, which offers a thorough evaluation of the business climate in the nation and identifies important reform areas.
While highlighting Ghana’s advantages in labor market regulations and utility services, the report also pointed out significant obstacles in the areas of dispute resolution, business registration, property transfer, construction permits, and credit availability.
The World Bank’s Division Director for Ghana, Liberia, and Sierra Leone, Mr. Robert Taliercio O’Brien, stressed the need to address Ghana’s regulatory bottlenecks and bureaucratic inefficiencies immediately.
According to the B-READY data, Ghana is outperforming its peers in a number of areas in Sub-Saharan Africa. However, the data also shows important bottlenecks that will continue to hinder growth and discourage investment if they are not addressed,” he said.
The government’s commitment to tackling these issues through the Business Regulatory Reform (BRR) Program was reiterated by Mrs. Elizabeth Ofosu Ajare, Minister for Trade, Industry, and Agribusiness.
She emphasized the significance of creating a competitive business environment, cutting down on bureaucratic red tape, and simplifying regulatory frameworks.
“Building strong regulatory frameworks and improving institutional efficiency are essential to achieving the full impact of Ghana’s economic transformation agenda,” she stated. According to the Minister, the government is dedicated to eliminating enduring obstacles that have prevented companies from reaching their maximum potential.
The B-READY initiative is a diagnostic tool that gives governments a clear reform roadmap, not just a list of rankings. Our objective is to guarantee an effective, open, and investment-friendly business environment.
Key private sector executives and policy experts participated in an interesting panel discussion at the launch event. These included Ashok Mohinani, Executive Director, Mohinani Group; Seth Twim Akwaboah, CEO, Association of Ghana Industries (AGI); Mavis Owusu Gyamfi, President & CEO, African Center for Economic Transformation (ACET); Alexander Mould, CEO, Millennium Development Authority (MiDA); and Simon Madjie, CEO, Ghana Investment Promotion Centre (GIPC).
The panel discussed workable ways to improve Ghana’s business environment, with a focus on the necessity of digitalizing regulatory procedures, streamlining trade and tax laws, and fostering better public-private cooperation. The World Bank Group’s commitment to assisting Ghana’s economic transformation was reiterated by Mr. Kyle Kelhofer, Senior Country Manager for Ghana, Liberia, and Sierra Leone, International Finance Corporation (IFC).
At the launch event, policy experts and prominent private sector executives engaged in an engaging panel discussion. Among them were Simon Madjie, CEO of the Ghana Investment Promotion Centre (GIPC); Ashok Mohinani, Executive Director of the Mohinani Group; Alexander Mould, CEO of the Millennium Development Authority (MiDA); Mavis Owusu Gyamfi, President and CEO of the African Center for Economic Transformation (ACET); and Seth Twim Akwaboah, CEO of the Association of Ghana Industries (AGI).
With an emphasis on the need to digitize regulatory processes, simplify trade and tax laws, and promote improved public-private cooperation, the panel explored practical strategies to enhance Ghana’s business environment.
Mr. Kyle Kelhofer, Senior Country Manager for Ghana, Liberia, and Sierra Leone, International Finance Corporation (IFC), reaffirmed the World Bank Group’s commitment to supporting Ghana’s economic transformation.
Source: myghanadaily
