Ghana’s business regulatory environment still struggling to attract investors despite reforms – Prof. Abotsi
Professor Ernest Kofi Abotsi, the Dean of the Faculty of Law at the University of Professional Studies, Accra (UPSA), has shed light on the persistent challenges within Ghana’s business regulatory environment.
Despite ongoing efforts to reform the system and enhance services, Ghana still struggles to position itself as an attractive destination for businesses seeking a favourable regulatory climate.
Professor Abotsi drew attention to the Office of the Registrar of Companies, an institution that has long faced criticism for its sluggish processes compared to international counterparts. While nations like Rwanda boast impressive two-day turnaround times for company registrations, Ghana has historically lagged behind, with businesses grappling with protracted waiting periods.
Although recent progress has seen the turnaround time improve to approximately two weeks, further enhancements are imperative.
Commendably, the Registrar of Companies has embarked on an ambitious mission to revamp the registry’s services, aligning them with the specific needs of businesses.
Professor Abotsi applauded the incumbent head for implementing several reforms and mechanisms aimed at expediting various procedures, including company incorporations, filing of returns, and regulatory enquiries. These changes signify a promising step toward streamlining the business landscape.
To remain competitive on the global stage, it is vital for the Registrar of Companies to address critical bottlenecks that hinder the ease of doing business in Ghana. Corruption, inadequacies in data and information provision, and excessive costs and time requirements stand as prominent hurdles.
Professor Abotsi stressed the urgency of tackling these obstacles head-on, in order to cultivate an environment that lures both domestic and foreign investors.
While the ongoing evolution of Ghana’s business regulatory landscape is laudable, Professor Abotsi believes that the pace of reform could be hastened.
Transforming an institution entrenched in a decades-long status quo is undoubtedly challenging. Nonetheless, the dynamic nature of the global business environment necessitates an agile and expeditious response.
Ghana’s commitment to reimagining its regulatory framework demonstrates a keen awareness of the need to adapt and evolve. The current reforms, coupled with a resolute drive to address inefficiencies, corruption, and data deficiencies, are vital ingredients for reshaping the country’s business ecosystem.
However, to truly establish itself as an attractive investment destination, Ghana must demonstrate an unwavering resolve to expedite reforms and meet the expectations of businesses in a rapidly changing world.
