UKGCC Survey Highlights Major Challenges in Ghana’s Business Environment

The 2024 UK-Ghana Chamber of Commerce (UKGCC) Business Environment and Competitiveness Survey (BECS) has highlighted major hurdles impacting Ghana’s business landscape.

Among the critical issues flagged are taxation policy, high telecom costs, government bureaucracy, and inefficiencies in the regulatory framework.

Telecom costs and regulatory inefficiencies received poor ratings for the first time, reflecting growing unease among businesses operating in the region. While the availability of telecom facilities remains a bright spot, positive feedback on this component has sharply declined—from 36% in 2023 to 20% in 2024.

Other areas rated favorably include power availability, labor resources, water supply, and the presence of logistics partners, though concerns persist across several sectors.

The survey sheds light on long-standing issues that have plagued Ghana’s business environment over the past five years. Corruption has consistently ranked among the top challenges, despite a gradual decline in respondents citing it as a primary concern. Power costs remain a significant burden for businesses, overshadowing improvements in supply reliability.

Additionally, dissatisfaction with taxation policy underscores ongoing frustrations with the fiscal framework.

The UKGCC report emphasizes the urgent need for targeted reforms to enhance Ghana’s business competitiveness. Key recommendations include streamlining regulatory processes, addressing telecom and power costs, and fostering constructive dialogue on tax policies.

Collaborative engagement between the government and private sector stakeholders is deemed crucial for fostering investment and sustainable economic growth.

The survey findings demonstrates the importance of reforms in positioning Ghana as a competitive hub for business and investment in the region.