President Nana Addo Dankwa Akufo-Addo has assured investors and the private sector of an improved business climate following the implementation of new reforms, ABC News can report.
The Regulatory Reform Programme, a 3-year strategic policy document, the President noted, has come to support the already existing robust measures established by the government to stabilize the country’s financial and economic sector.
The seven-component plan, the president added will also position Ghana strategically to take maximum advantage of the African Continental Free Trade Area.
Speaking at the maiden edition of the CEOs Executive Forum, Wednesday, the president explained that each of components will play a special role in business development, saying the “Targeted Reform Initiatives” will consistently improve Ghana’s position in the annual Doing Business Ranking.
The “One-Stop Registry of all Business Regulations” he noted, will ensure that the inventory of business-related acts, legislative instruments, regulatory notices, and administrative directives are available in a single electronic registry.
He further asserted that the “A Voice for All in Public Consultations” has been designed to provide a virtual (Web) platform for public consultation with government on business-related policy, legal and regulatory changes whereas the “Rolling Review of business regulations, using Regulatory Guillotine principles” would have a functioning e-Registry and Consultations Portal that will enable Ministries, Departments and Agencies to carry out systematically rolling reviews of regulations, in order to reduce turnaround times and the cost of compliance.
Another component, “Regulatory Impact Assessment”, President Akufo-Addo averred, was introduced in order to build a permanent system for quality control of new business regulations, and safeguard the gains made from reforms.
He said the “Targeted Regulatory Relief” component will grant SMEs, at early stages of development, targeted relief from regulatory requirements in order to stimulate higher levels of entrepreneurship and job creation in strategic sectors, and gradually phase-in standard rules as the firms begin to grow; and the “Permanent Public-Private Dialogue Mechanism”, will provide a permanent mechanism for structured dialogue between Government and the private sector.
The President stated that his government has a clear vision for all businesses in the country, which vision he said will materialize soon given all the plans in place.
According to him, Government’s policy approach to supporting the growth of the private sector is hinged on four main strategies which are Stabilizing the Macro-Economy, Executing a Financial Sector Reform Programme, Introducing Pro-Business Policy and Programme Interventions under the Ten Point Plan for Industrial Transformation, and Implementing a Comprehensive Business Regulatory Reform Programme.
“With a stable macroeconomic environment enabling businesses to plan with certainty, invest and thrive, he noted that “all our macroeconomic indices are pointing in the right direction, and it comes as no surprise, therefore, that, today, Ghana is the leading recipient of foreign direct investment in West Africa,” he said.