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.
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.
“The B-READY data highlights several areas where Ghana is doing better than peers in the Sub-Saharan Africa region… At the same time, the data reveals significant bottlenecks that, if unaddressed, will continue stifling growth and deterring investment,” he said.
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.
“Achieving the full impact of Ghana’s economic transformation agenda depends on establishing robust regulatory frameworks and enhancing institutional efficiency,” she said.
The Minister said the government was committed to removing long-standing barriers that have hindered businesses from realizing their full potential.
“The B-READY initiative is not just a set of rankings; it is a diagnostic tool that provides governments with a clear roadmap for reform. Our goal is to ensure a business environment that is efficient, transparent, and conducive to investment,” she said.
The launch event featured an engaging panel discussion with key private sector leaders and policy experts, including 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) and; Ashok Mohinani, Executive Director, Mohinani Group.
The panel explored practical solutions for improving Ghana’s business climate, emphasizing the need for 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, International Finance Corporation (IFC), reaffirmed the World Bank Group’s commitment to supporting Ghana’s economic transformation.
“The World Bank Group stands ready to assist Ghana with both financial and technical support to implement key reforms. This includes investments in infrastructure, digital transformation of public services, and strengthening credit systems to enhance financial access for businesses,” he said.
The World Bank Group has called on policymakers and the private sector to work together to implement 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.
Source: GNA
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