Ghana must urgently overhaul its regulatory landscape if it wants to unlock jobs, attract investment, and empower the next generation of entrepreneurs, the Executive Director of the Institute for Liberty and Policy Innovation (ILAPI), Peter Bismark Kwofie, has cautioned.
Speaking at the High-Level Business Regulatory Dialogue on the theme “Enhancing Regulatory Efficiency and Compliance Support for Business Growth,” Mr. Kwofie stressed that Ghana’s economic fortunes are tightly linked to the quality of its regulatory environment. He explained that a country’s growth, competitiveness, and ability to create opportunities depend largely on whether its rules support or stifle enterprise.
According to him, the current regulatory framework has become a major deterrent for both young entrepreneurs and established businesses, slowing innovation and weakening investor confidence. He argued that when regulations become cumbersome, unpredictable, or too costly, they undermine the very economic activities they are meant to guide.
Discussing the broader implications, he noted that clear and efficient rules are the backbone of thriving business ecosystems. It was in this context that he said, “Every economy rises or falls on the strength of its regulatory environment. When rules are clear and simple, predictable and efficient, businesses thrive. When regulations become excessive, inconsistent, and costly, innovation slows, investments reduce, and young people lose opportunities.”
He highlighted the struggles of Ghana’s youth who aspire to build businesses but are confronted by steep compliance costs and bureaucratic bottlenecks that drain capital even before a venture begins. Relating this to the cost of entry for young entrepreneurs, he remarked that “The youth will take years to borrow or save close to $10,000 but would prefer not to invest the sum into a business here in Ghana but travel overseas because he is afraid to lose close to 30% of his capital to regulatory requirements.”
Mr. Kwofie further stressed that policies should be designed to empower wealth creation, not discourage risk-taking or force the youth to seek opportunities abroad. He insisted that meaningful reforms must make Ghana a place where entrepreneurship is attractive, viable and protected.
He underscored that expanding enterprise is fundamental to reducing poverty and advancing national development, noting passionately that “Businesses should be the main means to fight poverty.”
Calling for urgent regulatory reforms, the ILAPI Executive Director urged policymakers to streamline procedures, eliminate duplicative fees, and build a predictable business environment capable of supporting innovation and investment. Ghana, he argued, cannot afford to allow regulatory barriers to suppress the entrepreneurial energy of its young population or slow the nation’s economic momentum.
