Ken Ofori Atta – Finance Minister Ghana
The UK-Ghana Chamber of Commerce (UKGCC) has released its 2020 Business Climate Survey Report, with access to capital among the key barriers in ensuring smooth business operations in Ghana.
Covering a variety of themes, the survey sought to capture the perception of businesses on recent policy and regulatory developments, as well as the economic and investment outlook, through the analysis of ten business environment components.
According to the report, Ghana’s business environment is generally challenging, encumbered by such factors as limited access to capital; lack of logistics partners and other service providers; low-quality infrastructure; tedious and onerous government processes; taxation policy; and the regulatory framework.
The level of corruption was assessed by businesses as very high, the report said. On the other hand, the stability and effectiveness of the political system received a favourable rating.
Respondents cited access to telecommunication facilities and utilities (water and power), security, a crime-free environment, the effectiveness of the legal system, and quality labour as ameliorating factors to doing business in Ghana.
The report recommended increased efforts in addressing both access to and cost of capital to enable businesses to increase production and recover faster from the COVID-19 shock.
It also recommended lowering of taxes to lessen the burden of operational costs to attract more investments, and continued dialogue with the private sector to ensure they thrive under the AfCFTA.
UKGCC was established in 2016 to promote bilateral trade between the UK and Ghana. It is the leading UK business support organisation in Ghana.