Accra: The World Bank Group has launched the Business Ready (B-READY) Report in Ghana, providing a comprehensive assessment of the country's business environment and identifying key areas for reform.
According to Ghana News Agency, the report highlighted Ghana's strengths in labour market regulations and utility services but underscored critical challenges in business registration, property transfer, construction permitting, access to credit, and dispute resolution. Mr Robert Taliercio O'Brien, Division Director for Ghana, Liberia, and Sierra Leone at the World Bank, emphasized the urgency of addressing Ghana's bureaucratic inefficiencies and regulatory bottlenecks. He pointed out that while Ghana excels in certain areas compared to peers in the Sub-Saharan Africa region, significant bottlenecks remain that could hinder growth and investment if left unaddressed.
Mrs Elizabeth Ofosu Ajare, the Minister for Trade, Industry, and Agribusiness, reaffirmed the government's commitment to addressing these challenges through the Business Regulatory Reform (BRR) Programme. She stressed the importance of streamlining regulatory frameworks, reducing bureaucratic delays, and fostering a competitive business environment, emphasizing the necessity of robust regulatory frameworks and enhanced institutional efficiency for Ghana's economic transformation.
The Minister highlighted the government's dedication to removing long-standing barriers that have hindered businesses from realizing their full potential. She described the B-READY initiative as more than just a set of rankings, but as a diagnostic tool providing a clear roadmap for reform, aiming for a business environment that is efficient, transparent, and conducive to investment.
The launch event featured an engaging panel discussion with key private sector leaders and policy experts, including Simon Madjie, CEO of the Ghana Investment Promotion Centre (GIPC); Alexander Mould, CEO of the Millennium Development Authority (MiDA); Mavis Owusu Gyamfi, President and CEO of the African Center for Economic Transformation (ACET); Seth Twum Akwaboah, CEO of the Association of Ghana Industries (AGI); and Ashok Mohinani, Executive Director of the Mohinani Group. The panel explored practical solutions for improving Ghana's business climate, emphasizing digitalization of regulatory processes, simplification of tax and trade procedures, and enhanced public-private collaboration.
Mr Kyle Kelhofer, Senior Country Manager for Ghana, Liberia, and Sierra Leone at the International Finance Corporation (IFC), reaffirmed the World Bank Group's commitment to supporting Ghana's economic transformation. He assured that the World Bank Group stands ready to assist Ghana with both financial and technical support to implement key reforms, including investments in infrastructure, digital transformation of public services, and strengthening credit systems to enhance financial access for businesses.
The World Bank Group called on policymakers and the private sector to collaborate in implementing reforms that will enhance business competitiveness, attract investment, and drive sustainable economic growth. The report's methodology and global benchmarking were presented by Valeria Perotti, Manager of the Business Ready (B-READY) unit at the World Bank, who provided insights into how Ghana compares to peer economies and where targeted reforms could unlock growth.
