The Africa Centre for Entrepreneurship and Youth (ACEY) has identified trade restrictions, taxation and the high cost of internet services as some of the major challenges affecting entrepreneurship and business growth in Ghana.
The concerns were raised at the launch of the Regional Entrepreneurship Freedom Report, held under the theme, “Entrepreneurship in Ghana: What Works, Where and Why?”
According to ACEY, findings from the Regional Entrepreneurship Freedom Index since 2021 show that entrepreneurs continue to face structural difficulties that limit their ability to establish, expand and sustain businesses.
The centre said trade freedom remains a major concern, particularly for businesses involved in importing and exporting goods.
It cited government policies, tariffs and lengthy certification procedures as some of the difficulties entrepreneurs encounter.
ACEY said these challenges could undermine efforts by Ghana and other African countries to take full advantage of the African Continental Free Trade Area (AfCFTA), which seeks to increase trade among African countries and create a larger market for businesses.
The organisation also highlighted taxation as another major burden on entrepreneurs. It explained that the problem is not limited to national taxes but also includes various levies, fees and fines imposed by regional and local authorities.
ACEY further raised concerns about the cost and accessibility of internet services, particularly as Ghana’s economy becomes increasingly dependent on digital technology.
The centre said technology-based businesses and entrepreneurs need reliable and affordable internet access to operate effectively, reach customers and take advantage of opportunities in the digital economy.
To address the problem, ACEY called for greater deregulation of the telecommunications sector to encourage competition among service providers.
It argued that increased competition could help reduce market concentration, improve service quality and ultimately lower the cost of internet and telecommunications services.
ACEY said removing these barriers would be important to creating a stronger environment for entrepreneurship, innovation and job creation in Ghana.
