In a bid to improve and boost the business climate in Ghana , the government is launching the the Business Regulatory Reform Program (BRRP). During the unveiling of the 2024 Ghana Business Ready Report under the aegis of the World Bank in Accra, Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, outlined a series of measures designed to simplify procedures and eliminate outdated barriers.
She explained, “The BRRP is designed to tackle systemic challenges, streamline existing regulations, and ensure the quality and coherence of new regulations.” She added, “This reflects the government’s unwavering commitment to removing long-standing barriers that have prevented businesses in Ghana from realizing their full potential.”
The Minister also highlighted that the initiative is in line with the broader economic transformation strategy aimed at bolstering manufacturing, advancing agribusiness, increasing access to international markets, and developing private sector expertise.
World Bank’s Support for BRRP
Expressing her appreciation for the World Bank’s ongoing support via the Ghana Economic Transformation Project, the Minister stressed that the program’s focus goes beyond merely climbing rankings. It is about fostering a sustainable, inclusive, and digitally advanced business environment. She remarked, “The BRRP offers a unique opportunity to address challenges in our business environment while building on our strengths. It is about creating an ecosystem where businesses can thrive, where innovation is encouraged, and where every business in Ghana has the opportunity to grow.”
Challenges Facing Ghanaian Businesses
Addressing the persistent difficulties encountered by businesses, particularly SMEs, she noted issues such as limited access to finance, cumbersome regulatory systems, and stiff competition in global markets. She pointed out, “Our informal sector, which employs a significant portion of our workforce, often operates outside a formal regulatory framework, limiting its growth potential. This is where BRRP comes in handy.”
Key Insights from the 2024 Business Ready Report
Reviewed under three main categories; regulatory framework, public services, and operational efficiency,the report evaluates 10 essential components of business operations including Business entry, Business location, Utility services, Labour, Financial services. international trade, Taxation, Dispute resolution,Market competition and Business insolvency.
Concluding her remarks, the Trade Minister urged for enhanced collaboration among the government, the private sector, and development partners to ensure the success of the BRRP. She declared, “The journey ahead will not be easy, but it is a journey worth taking. Let us seize this moment to transform Ghana’s business environment and create a legacy of prosperity. Together, let us reset Ghana and make our business environment ready for a 24-hour economy.”
