Editorial: Key Hurdles to Overcoming In-Country Business Readiness
Although Ghana’s commercial setting boasts advantages such as high-quality labor and competitive positioning, inefficient processes continue to pose substantial difficulties.
At the unveiling of the B-READY report, Senior Country Manager for IFC, Kyle Kelhoff, pointed out the necessity of a supportive business climate to encourage sustainable economic development.
He emphasized the significance of a consistent regulatory landscape and improved market entry opportunities in aiding enterprises of every size. "Regardless of whether you're a small-to-medium-sized business, an expanding company, or a major corporation, a robust economic setting supported by stringent legal and regulatory structures is crucial for achieving success," Mr. Kelhofer pointed out.
The B-READY report, evaluating business preparedness and investment environments, corresponds with the government’s recently held National Economic Dialogue. This document emphasizes three crucial sectors to enhance competitiveness within the economy: ensuring economic stability, adhering to global benchmarks, and enhancing accessibility to financing and market opportunities.
Founded in 1956, IFC was created to interact closely with the private sector for fostering employment generation and economic expansion. In the last ten years, IFC has offered over US$200 billion in global funding, including US$40 billion dispersed within just the previous fiscal year.
The document additionally highlighted the need for clearer policies and better coordination regarding taxation and investment incentives. Mr. Kelhofer emphasized that the effectiveness of tax policies, not merely their rates, is vital in creating a supportive atmosphere for businesses.
Coordinating and maintaining clear processes is crucial for a vibrant business setting.
To enhance Ghana’s standing internationally, it is crucial for companies to adhere to international standards so they can enter global markets and broaden their business activities.
The B-READY report additionally highlighted procedural inefficiencies as an obstacle to business expansion. According to Kelhofer, optimizing these procedures could enable Ghana to leverage its current strengths and speed up economic development.
The B-READY 2024 report evaluates the regulatory environment and public services aimed at businesses, as well as how effectively these elements work together in reality.
Provided by Syndigate Media Inc. ( Syndigate.info ).