While Ghana’s business environment has strengths, including labour quality and location competitiveness, procedural inefficiencies remain a significant challenge.
Senior Country Manager-IFC, Kyle Kelhofe, made this observation at the B-READY report’s launch, highlighting the need for a business-friendly environment to foster sustainable economic growth.
He underscored the importance of a stable regulatory framework and enhanced market access in supporting businesses of all sizes. “Whether you are an SME, a scaling enterprise or a large corporation, a stable economic environment with strong legal and regulatory frameworks is essential for success,” Mr. Kelhofer noted.
The B-READY report, which assesses business readiness and investment climates, aligns with government’s recent National Economic Dialogue. The report highlights three key areas for fostering a more competitive economy: economic stability, meeting international standards and improving access to finance and markets.
Established in 1956, IFC was designed to engage directly with the private sector to drive job creation and economic growth. Over the past decade, IFC has provided more than US$200billion in financing globally, with US$40billion disbursed in the past year alone.
The report also pointed to taxation and investment incentives as areas requiring policy clarity and improved coordination. Mr. Kelhofer noted that the efficiency of tax policies, rather than just the rates themselves, plays a crucial role in fostering a conducive business environment.
“Coordination and clarity in these processes are essential for a thriving business environment.”
In improving Ghana’s competitiveness on the international stage, it is vital that businesses meet international standards to access global markets and expand their operations.
The B-READY report further identified procedural inefficiencies as a barrier to business growth. Streamlining these processes, Kelhofer suggested, would allow Ghana to capitalise on its existing advantages and accelerate economic progress.
The Business Ready (B-READY) 2024 report assesses the regulatory framework and public services directed at firms and the efficiency with which regulatory framework and public services are combined in practice.
