CEO Network Ghana Founder Calls for Review of Business Regulations to Boost Economic Growth

Ernest De-Graft Egyir, the Founder of CEO Network Ghana, has emphasized the need for a comprehensive review of Ghana’s business regulatory environment to enhance competitiveness and stimulate economic growth.

He highlighted that by removing bottlenecks and streamlining processes, Ghana could cultivate a more vibrant business ecosystem that would benefit local entrepreneurs and attract international investors.

Ghana’s regulatory framework, similar to those in many developing countries, faces numerous challenges, including complex registration processes, overlapping regulatory bodies, inconsistent regulations, high compliance costs, and bureaucratic red tape. These issues are significant barriers to entry for new businesses and hinder growth for existing ones.

At the launch of the inaugural Ghana CEO Presidential Manifesto Gala Dinner in Accra, Mr. Egyir stated, “Ghana’s business regulatory environment must undergo a comprehensive review to eliminate bottlenecks and streamline processes. Simplifying regulations will encourage investment and enable local businesses to thrive.”

He also proposed the establishment of a permanent business advisory council to collaborate with the incoming government starting in 2025, ensuring that businesses have a voice in policy-making.

The Gala Dinner, scheduled for November 7, 2024, aims to provide a platform for businesses to influence Ghana’s economic and political landscape. Under the theme “Reigniting the Business Economy and Social Contract for Growth: A Business Manifesto for Political Accountability and Sustainable Development,” the event will facilitate dialogue between Ghana’s leading business figures and political leaders to foster collaboration and drive accountability.

Mr. Egyir remarked, “Ghana’s economic potential remains unmatched, yet challenges such as economic instability and the need for greater political transparency persist. This Gala aims to reset the partnership between business and political leadership through a renewed social contract based on trust, accountability, and a shared vision.”

He stressed that sustainable development requires collaboration between the private sector and political leadership. “Together, we can create an environment where businesses thrive, governance is transparent, and the economy grows for all Ghanaians,” he added.

Moses Baiden Jnr, CEO of Margins Group, described the Gala Dinner as a pivotal moment for the business and political landscape of Ghana. He noted that the event would provide a unique opportunity for businesses to express their concerns and collaborate closely with political leaders toward sustainable economic progress.

“The commitments that emerge from this platform, whether through the Social Contract Signing or the promotion of Public-Private Partnerships (PPPs), will be essential steps toward creating an enabling environment for businesses and securing our country’s future,” he said.

Mr. Baiden further emphasized the critical role of business leaders in Ghana’s economic transformation, urging that policies enacted should reflect the realities of the business landscape and foster growth. “This event allows us to make our voices heard and secure a future that works for all Ghanaians,” he concluded.