Ghana Introduces Monthly Stakeholder Meetings to Enhance Business Environment

The government of Ghana has taken a significant step towards improving the business climate in the country by instituting a new monthly stakeholder dialogue with both local and foreign businesses. This initiative aims to fast-track the processes of doing business in Ghana and make it more conducive for businesses to thrive.

Finance Minister, Dr Mohammed Amin Adam, announced this new engagement during a meeting with members of the Diplomatic Corps and captains of trade and industry. The dialogue will include a survey to track the progress made on implementing measures to ease doing business in the country and identify ways to improve the overall business climate.

During the meeting, concerns such as high inflation, depreciation of the Cedi, non-uniformed Value Added Tax (VAT) systems, tax harassment, and power instability were raised by business leaders. Other issues included unfavorable local content conditions, land tenure system, and property rights, all of which were identified as setbacks to the ease of doing business in Ghana.

Dr Amin Adam assured the stakeholders that the government is committed to addressing these concerns and deepening partnerships to grow the economy sustainably. He emphasized the importance of collaboration between the government and businesses to overcome challenges and maximize revenue generation.

The Minister of Trade and Industry, Mr Kobina Tahir Hammond, also reiterated the government’s commitment to strengthening effective coordination of reforms with the introduction of a Business Regulatory Reform Act. This Act aims to promote an improved business environment with credible rules and provide mediation between the government and the business community.

Overall, the government’s initiative to engage with stakeholders and address the concerns of businesses is a positive step towards creating a more business-friendly environment in Ghana. With the support of both local and foreign businesses, Ghana can work towards sustainable economic growth and development.