The World Bank Group has officially launched the Business Ready (B-READY) Report in Ghana, a detailed evaluation of the country’s business environment. This initiative highlights areas of progress while pinpointing critical obstacles that hinder economic growth and investment.
The report identifies Ghana’s strengths, such as labor market regulations and utility services, while spotlighting pressing challenges in business registration, property transfer, construction permitting, access to credit, and dispute resolution. The findings serve as a roadmap for policymakers and stakeholders to address systemic inefficiencies and unlock the country’s full economic potential.
Urgent Call for Reforms
At the launch event, Robert Taliercio O’Brien, Division Director for Ghana, Liberia, and Sierra Leone at the World Bank, underscored the urgency of tackling Ghana’s bureaucratic inefficiencies.
“The B-READY data highlights areas where Ghana is outperforming its Sub-Saharan Africa peers. However, significant bottlenecks remain, and if left unaddressed, they will continue to stifle growth and deter investments,” he stated.
Hon. Elizabeth Ofosu Adjare, Ghana’s Minister for Trade, Industry, and Agribusiness, reaffirmed the government’s commitment to addressing these challenges through the Business Regulatory Reform (BRR) Programme.
“Streamlining regulatory frameworks and reducing bureaucratic delays are essential for creating a competitive business environment. Our economic transformation agenda depends on robust regulatory structures and institutional efficiency,” she emphasized.
Insights from the B-READY Initiative
Valeria Perotti, Manager of the Business Ready Unit at the World Bank, presented the report’s methodology and how it benchmarks Ghana against peer economies. She stressed that the B-READY initiative goes beyond rankings to provide governments with actionable strategies for reform.
“Our goal is to foster an efficient, transparent, and investment-friendly business environment through targeted reforms,” she remarked.
Industry Leaders Chart the Path Forward
The launch included a panel discussion featuring prominent private sector leaders and policy experts such as:
Simon Madjie, CEO, Ghana Investment Promotion Centre (GIPC)
Alexander Mould, CEO, Millennium Development Authority (MiDA)
Mavis Owusu Gyamfi, President & CEO, African Center for Economic Transformation (ACET)
Seth Twum Akwaboah, CEO, Association of Ghana Industries (AGI)
Ashok Mohinani, Executive Director, Mohinani Group
The panel explored practical solutions to improve Ghana’s business climate, focusing on digitalization of regulatory processes, simplification of tax and trade procedures, and strengthening public-private sector collaboration.
World Bank Group’s Commitment
Kyle Kelhofer, Senior Country Manager for Ghana, Liberia, and Sierra Leone at the International Finance Corporation (IFC), reiterated the World Bank Group’s dedication to supporting Ghana’s economic transformation.
“We are committed to assisting Ghana with both financial and technical support to implement reforms. Key priorities include investments in infrastructure, digital transformation of public services, and enhanced credit systems to increase financial access for businesses,” he stated.
Path to a Competitive Business Environment
The World Bank Group has called on policymakers and the private sector to collaborate on implementing reforms aimed at improving Ghana’s business competitiveness. These reforms are expected to attract foreign investment, drive sustainable economic growth, and ensure Ghana remains a leader in fostering a vibrant business ecosystem within the region.
The B-READY report serves as a critical tool in Ghana’s economic reform journey, offering a comprehensive guide to achieving lasting growth and prosperity.
Story by: Mercy Addai Turkson #ahotoronline.com
