According to the 2019 edition of the Doing Business Report issued by the World Bank Group, Ghana has observed an improvement in rank with regards to the ease of doing business. Per the current report, Ghana has improved its ranking to 114 out of 190 economies up six places from 120 in the 2018 Doing Business Report. Through the application of quantitative indicators on business regulation as well as the protection of property rights across 190 economies, Ghana’s ease of doing business score was identified as being increased by 2.06 to 59.22.
It is an undeniable fact that a robust private sector plays a key role in the ability of an economy to thrive. Whenever local businesses prosper, the results are materialized in the creation and generation of income which can be locally utilised. One of the surest ways of ensuring economic prosperity and expansion of any nation is for the leadership to assign precedence to laws and regulations that militate against local small and medium-sized enterprises (SMEs).
Entrepreneurship, being the backbone of the private sector, can best thrive when effective business regulation is in place as it affords small companies the prospects of growth and innovation. Considering our history of turbulent times in the financial sector, this ranking has the potency to increase the trust of investors in the economy, whiles the benchmarks will also help the country to be able to evaluate and set standards that are productive for the domestic business environment.
Ghana registered progress in three (3) key areas relating to construction permits through the strengthening of construction quality control; payment of taxes which makes room for financial losses up to a period of five (5) years; and Trade Across Borders as a result of the implementation of the paperless customs clearance processing system.
It is hopeful to know that such developments have been realised in the business environment with the aim of advancing investments which is very important to stimulate growth, create employment, and also decrease hardship. These achievements, coupled with the various changes in the business environment including the massive clean-up of the financial sector, makes it obvious the economy is set for productivity which can ultimately lead to the reviving of investor confidence.