Good news for investors! A joint study by IMANI Ghana and the Ghana-Netherlands Business and Culture Council (GNBCC) reveals an optimistic outlook.
The research, titled “Reviewing Current Economic and Investment Challenges and Opportunities,” highlights a rise in investment opportunities despite ongoing economic hurdles.
Upbeat on Investment
The study, presented by IMANI’s Dennis Asare, found that 61% of businesses plan to increase investments. Only 11% anticipate a decrease, with the remaining businesses planning to maintain current levels.
Challenges to Address
The study also identified challenges faced by businesses. These include:
- Complex regulations and compliance procedures
- High taxes on foreign companies
- Bureaucratic red tape
- Poor business planning
- Lack of coordination between institutions
- High labor costs
- Unstable energy supply and expensive utilities
Corruption was another concern, with businesses reporting unofficial fees to expedite port clearances.
Positive Performance Despite Challenges
However, the research also found positive signs. Most businesses reported increased profits and good returns on investment compared to other countries.
Recommendations for Improvement
The study recommends:
- Streamlining regulatory processes
- Deepening digitization in public services to reduce corruption opportunities
- Reviewing tax structures
- Collaborating with business chambers to understand investor challenges
- Improving access to information on support programs and tax benefits
Government and Business Agree on Solutions
Both researchers and GNBCC members emphasized the need for streamlined regulations and digitalization in public services. This would improve efficiency and reduce corruption.
The event also saw the launch of a new GNBCC guidebook on doing business in Ghana, a valuable resource for potential investors.pen_sparktunesharemore_vert
