Government commits to streamlining regulations for enhanced business growth

The government plans to reform business processes. The focus is on digitising registration and tax systems. This aims to improve efficiency.

Mrs. Elizabeth Ofosu-Adjare, the Minister of Trade, made this announcement. She spoke at the launch of the World Bank’s Business Ready report in Accra on Wednesday.

The report revealed Ghana's scores in various areas. It scored 66.99% in regulatory framework and 54.42% in operational efficiency. Public services delivery received a score of 47.67%.

Ghana performed well compared to other Sub-Saharan African countries. It scored 68.6% in labour market regulations and 68.5% in utility services. The business insolvency framework received a score of 64.9%.

However, Ghana's scores were low in several areas. These include Business Entry, Digital Infrastructure, Market Competition, and Tax Compliance.

Mrs. Ofosu-Adjare assured businesses that the government is committed to improvement. She emphasized that the Ghana Standards Authority supports standardisation for exports.

She noted that easing business operations requires faster registration and dispute resolution. Integrating regulatory frameworks will also help attract investment.

“If we compare ourselves with peers, we need to improve,” she said. The minister highlighted the importance of foreign direct investment (FDI) and exports.

She promised a review of the report to identify improvement areas. Collaboration with stakeholders and private sectors will be key for making Ghana business-ready.

Ms. Valeria Perotti from the World Bank commented on business readiness factors. She stated that wealth isn't necessary; a favourable environment is crucial.

Perotti pointed out that operational efficiency is lacking despite existing frameworks and infrastructure. Limited implementation, especially in digitalisation, needs addressing.

Mr. Robert Taliercio, World Bank Country Director for Ghana, highlighted private sector importance. He noted it accounts for 90% of jobs and significant national output and revenue.

“Creating an environment where businesses can thrive is essential,” he said. He called for bold reforms to empower businesses to compete and create jobs effectively.