World Bank launches Business Ready Report in Ghana; highlights need for reforms to boost private sector growth

The World Bank Group has unveiled the Business Ready (B-READY) Report in Ghana, offering a detailed assessment of the country’s business environment while highlighting critical areas that require reform to stimulate private sector growth. 

The report acknowledges Ghana’s strengths in labour market regulations and utility services but identifies bureaucratic inefficiencies in business registration, property transfer, construction permitting, access to credit, and dispute resolution as major obstacles to economic progress.

Speaking at the launch, Robert Taliercio O’Brien, Division Director for Ghana, Liberia, and Sierra Leone at the World Bank, pointed out the urgency of addressing these bottlenecks to enhance Ghana’s investment appeal.

“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,” he stated.

The government has reaffirmed its commitment to tackling these challenges through the Business Regulatory Reform (BRR) Programme. Hon. Elizabeth Ofosu Agyare, Minister for Trade, Industry, and Agribusiness, emphasized the importance of regulatory efficiency in driving economic transformation.

“Achieving the full impact of Ghana’s economic transformation agenda depends on establishing robust regulatory frameworks and enhancing institutional efficiency. The government is committed to removing long-standing barriers that have hindered businesses from realizing their full potential,” she said.

The methodology and benchmarking of the B-READY Report were presented by Valeria Perotti, Manager of the Business Ready (B-READY) unit at the World Bank. She explained that the initiative serves as more than just a ranking tool.

“The B-READY initiative is not just a set of rankings; it is a diagnostic tool that provides governments with a clear roadmap for reform. Our goal is to ensure a business environment that is efficient, transparent, and conducive to investment,” she noted.

A panel discussion featuring Simon Madjie (CEO, Ghana Investment Promotion Centre – GIPC), Alexander Mould (CEO, Millennium Development Authority – MiDA), Mavis Owusu Gyamfi (President & CEO, African Center for Economic Transformation – ACET), Seth Twum Akwaboah (CEO, Association of Ghana Industries – AGI), and Ashok Mohinani (Executive Director, Mohinani Group) explored practical solutions to improve Ghana’s business climate. Key recommendations included digitalizing regulatory processes, simplifying tax and trade procedures, and strengthening public-private collaboration.

The International Finance Corporation (IFC), a key member of the World Bank Group, also pledged its support for Ghana’s economic transformation efforts. Kyle Kelhofer, Senior Country Manager for Ghana, Liberia, and Sierra Leone at the IFC, reiterated the organisation’s readiness to assist the country. “The World Bank Group stands ready to assist Ghana with both financial and technical support to implement key reforms.

This includes investments in infrastructure, digital transformation of public services, and strengthening credit systems to enhance financial access for businesses,” he said.

The World Bank Group has urged policymakers and the private sector to work together to implement reforms that will enhance business competitiveness, attract investment, and drive sustainable economic growth.