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President Nana Addo Dankwa Akufo-Addo says the government is carrying out a lot of initiatives to position the country as the most business-friendly in Africa.
Consequently, he added that his administration had introduced a Business Regulatory Reform Programme with seven components aimed at improving the business atmosphere to position Ghana as the most transparent and efficiently regulated business environment on the continent.
He explained that the programme, being implemented in three years in partnership with relevant stakeholders, would place the country strategically to take maximum advantage of the African Continental Free Trade Area (AfCFTA), and strengthen its role as the host country for its secretariat.
President Akufo-Addo made the announcement when he opened the 8th Ghana Economic Forum in Accra on Wednesday and explained that the reform programme would ensure that Ghana’s position in the annual World Bank’s Doing Business ranking improves significantly.
The forum was organised by the Business and Financial Times newspaper to discuss economic issues and provide practical solutions to challenges identified. It was on the theme: “Sustaining Financial and Economic Stability – The Key Priorities”.
Seven components
Explaining the seven components, President Akufo-Addo said there would be a One-Stop Registry of all business regulations, acts, legislative instruments, a Voice for All in Public Consultations, an Interactive Web Portal for public consultation and a Rolling Review of Business Regulations, using the Regulatory Guillotine principles, which is a functioning e-Registry and Consultations Portal.
The Guillotine principles prescribe that any regulation that is not justified as legal and necessary for government policy in a market economy will be eliminated, while regulations that are legal and needed but not business-friendly are made as simplified as possible.
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