World Bank Group Launches Business Ready Report to Assess Ghana’s Business Environment

The World Bank Group unveiled the Business Ready (B-READY) Report in Ghana, highlighting strengths like labor regulations while identifying critical challenges in business operations. The report underscores the importance of addressing bureaucratic inefficiencies, with government officials stressing the need for regulatory reform to attract investment and streamline business processes. Collaboration between the government and the private sector is essential to implement the report’s recommendations for economic growth.

On March 27th, the World Bank Group introduced the Business Ready (B-READY) Report in Ghana, offering an extensive evaluation of the nation’s business milieu and pinpointing areas requiring reform. The report commended Ghana’s strengths in labor market regulations and utility services, yet identified pressing challenges in business registration, property transfer, construction permitting, access to credit, and dispute resolution.

Mr. Robert Taliercio O’Brien, the Division Director for Ghana, Liberia, and Sierra Leone at the World Bank, highlighted the critical need to tackle Ghana’s bureaucratic inefficiencies and regulatory hurdles. He noted, “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.”

Mrs. Elizabeth Ofosu Ajare, the Minister for Trade, Industry, and Agribusiness, reiterated the government’s dedication to overcoming these obstacles through the Business Regulatory Reform (BRR) Programme. She emphasized the necessity of streamlining regulatory frameworks and minimizing bureaucratic delays to cultivate 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 stated.

The Minister further explained that the B-READY initiative serves as a diagnostic tool, offering a clear reform roadmap for governments aimed at promoting an efficient and transparent business environment conducive to investment. The launch included a panel discussion featuring prominent private sector leaders and policy experts discussing ways to enhance the business climate, including the digitization of regulatory processes.

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 through both financial and technical assistance. He stated, “The World Bank Group stands ready to assist Ghana with both financial and technical support to implement key reforms.”

The World Bank Group has called on policymakers and private sector leaders to collaborate on reforms that will bolster business competitiveness, attract investment, and foster sustainable economic development. Insights regarding the report’s methodology and global benchmarking were offered by Valeria Perotti, Manager of the B-READY unit at the World Bank, illustrating Ghana’s standing in comparison to peer economies and the potential pathways to unlock growth.

In conclusion, the launch of the Business Ready (B-READY) Report reveals significant insights into Ghana’s business environment, highlighting both strengths and urgent areas for reform. The commitment of government officials and the World Bank Group to enhance regulatory efficiency and foster a competitive landscape is crucial for attracting investment and sustaining economic growth. Collaborative efforts among policymakers and the private sector will be fundamental to successfully implement these reforms and realize Ghana’s economic potential.

Original Source: gna.org.gh