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Ghana to Fix Business Barriers with Business Regulation Strategy

Ghana business regulation strategy

Business

Ghana to Fix Business Barriers with Business Regulation Strategy

A three year Business Regulation Strategy (BRS) has been developed by the Ministry of Trade and Industry in collaboration with other Ministries, Departments.

This strategy is aimed at modernizing the legal and regulatory systems. This will promote faster growth, job creation and economic prosperity.  Within the broader national economic reform agenda, the BRS aims to eliminate constraints to economic development, deepen and broaden current reform efforts in order to establish a national regulatory environment that sustainably reduces red-tape and barriers and better promote private sector activity and job creation.

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Deputy Minister of Trade and Industry Mr. Carlos Ahenkorah said the strategy is designed to be systemic and permanent in its effects by changing how the government designs and implements business regulations in the future.

The national exporter’s forum which took place in Accra on the theme “supporting Non-Traditional Export Sector for Economic Transformation” throws highlight on the considerable number of products and the need to develop a broader export base using the country’s comparative strength in agri-business, minerals, service, oil and other areas.

The Chief Executive Officer Ghana Export Promotion Authority (GEPA) Ms. Gifty Kekeli Klenam also said
non-traditional exports hold the key to Ghana’s export diversification drive, therefore Ghana’s inability to achieve that could be attributed partly to reactive and fragmented exports that were insufficiently funded.

She said GEPA had developed and launched a comprehensive four-year work plan towards the development of identified key priority products notable amongst which were pineapple, cashew, shea and yam with comprehensive sectorial intervention programmes, and implementable action plans aimed at achieving the strategic target of $10 billion.

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Ms. Klenam added that despite Ghana’s subscription to regional and multilateral trade agreements, the non-existence of its own policy document on export promotion strategy partly explains why Ghana could not take full advantage of these agreements. The implementation of the work plans would enable GEPA achieve a significant increase in the share of NTEs in total exports as a major step towards structural transformation of the export sector for spearheading growth and diversification of the Ghanaian economy.

By Rebecca Essilfie

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