"UK-Ghana Chamber of Commerce Survey Flags Key Challenges in Ghana’s Business Environment"

UK-Ghana Chamber of Commerce Survey Flags Key Challenges in Ghana’s Business Environment

The 2024 UK-Ghana Chamber of Commerce (UKGCC) Business Environment and Competitiveness Survey (BECS) has identified significant challenges impeding Ghana’s business environment, including taxation policy, telecom costs, government bureaucracy, and the regulatory framework.

Poor Ratings and Emerging Concerns

For the first time, telecom costs and the regulatory framework received poor ratings, signaling growing concerns among businesses.

While telecom facility availability remains the best-rated component, the share of respondents giving positive ratings dropped from 36% in 2023 to 20% in 2024.

Other components receiving favorable ratings included power availability, labour availability, water supply, and the presence of logistics partners.

Persistent Issues and Trends Over Five Years

The report highlights long-standing challenges, with corruption consistently appearing among the top five most declined components for the past four years.

Although the percentage of respondents citing corruption has declined, the issue remains a significant barrier requiring government attention.

Additionally, power costs continue to burden businesses despite improvements in availability. Taxation policy also emerged as a recurrent issue, reflecting dissatisfaction with the fiscal environment.

Recommendations for Government Action

The report underscores the need for the government to address these challenges through active engagement with businesses. Improved dialogue on tax policy, regulatory reform, and cost structures could help create a more favorable environment for investment and growth.

The findings by UKGCC signal a critical need for reforms to bolster Ghana’s competitiveness and drive economic development.