The World Bank has launched its highly anticipated Business Ready (B-READY) report, a comprehensive diagnostic tool designed to assess and enhance the business environment in Ghana and other participating economies.
The report, unveiled at a dissemination event on March 26, 2025, underscores Ghana’s economic potential while identifying critical reforms necessary for fostering a more competitive, investment-friendly, and inclusive business climate.
Speaking at the event, Robert Taliercio, the World Bank’s Division Director for Ghana, Sierra Leone, and Liberia, emphasized that B-READY was more than just a benchmarking tool—it is a roadmap for strategic reforms.
“Ghana stands at a pivotal moment in its economic journey. While the country has strong democratic institutions, abundant natural resources, and a dynamic young population, growth alone is not enough. Bold reforms are essential to ensuring that businesses thrive, create jobs, and drive long-term development,” Taliercio stated.
Ghana’s Growth and the Case for Urgent Reforms
Ghana’s economic growth has hovered between 3–4% in the wake of global shocks like the COVID-19 pandemic.
However, for Sub-Saharan Africa to eliminate extreme poverty, an annual growth rate of 9% is required. This reality underscores the urgency of implementing the business-friendly reforms outlined in the B-READY report.
The governmentof Ghana had already signalled its commitment to revitalizing the economy, with President John Dramani Mahama outlining a vision for a 24-hour economy—an initiative aimed at increasing productivity, efficiency, and investment across various sectors.
“A 24-hour economy is not just about keeping businesses open longer; it is about ensuring regulatory efficiency, infrastructure reliability, and fair competition so that businesses can operate seamlessly, day and night,” Taliercio noted.
Ghana’s Strong Performance Areas
The B-READY report highlights several key areas where Ghana has outperformed regional peers in Sub-Saharan Africa: Labor Market Regulations – Ghana scored 68.6 out of 100, placing it ahead of most regional counterparts in areas such as labor rights, dispute resolution, and workplace fairness.
Utility Services – The country achieved a 68.5 score, surpassing Côte d’Ivoire (58.9) and Rwanda (67.8) due to transparent tariff structures and robust safety oversight.
Business Insolvency Framework – Ghana secured a 64.9 score, reflecting a well-structured legal framework that provides clear pathways for firms facing financial distress.
Challenges Hindering Business Growth
Despite these achievements, the report identifies significant bottlenecks that are stifling business growth and discouraging investment in Ghana. Among the most pressing issues: Business Entry Costs and Delays – Registering a business in Ghana costs 42% of Gross National Income (GNI) per capita and takes 57 days—far higher than Rwanda’s 4% of GNI and 3-day processing time.
Market Competition – Ghana’s score of 32/100 indicates weak competition policies and opaque procurement processes, which limit fair business practices.
Judicial Delays in Commercial Disputes – The average time to resolve a commercial case in Ghana is 900 days—nearly four times longer than in Côte d’Ivoire.
Tax Compliance Burden – Ghanaian businesses spend 40 hours annually on tax filing and payments, compared to just 12 hours in Sierra Leone.
Digital Infrastructure Deficiencies – Around 48% of businesses report monthly internet disruptions, reducing productivity and competitiveness.
Trade Logistics Inefficiencies – Import clearance takes an average of 14 days, significantly longer than in countries like Morocco and Vietnam.
Limited Access to Finance – Only 17% of SMEs have access to bank loans, and Ghana’s credit-to-GDP ratio of 9% is among the lowest in the world.
Mr. Taliercio stressed that these challenges represent missed opportunities for businesses and entrepreneurs who could otherwise drive economic transformation.
“Regulatory frameworks and infrastructure exist, but implementation has been slow. Digitalization, efficiency, and inter-agency coordination must improve to make Ghana a competitive business hub,” he added.
The World Bank’s Support for Ghana’s Business Reforms
The World Bank Group, including the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), reaffirmed their commitment to supporting Ghana’s business transformation. Key areas of collaboration include:
Financial and Technical Assistance – Investments in infrastructure, regulatory reforms, and private sector development.
Public-Private Dialogue – Facilitating engagement between the government and private sector to ensure reforms address real business needs.
Knowledge Sharing – Providing data-driven policy recommendations and leveraging global best practices to inform Ghana’s reform agenda.
Regional Learning Exchange – Encouraging Ghana to learn from high-performing peers like Rwanda and Côte d’Ivoire while sharing its own successes.
Mr. Taliercio advised government, private sector, and civil society to work collectively in implementing the B-READY recommendations.
He highlighted that Ghana had historically been a leader in economic reforms within the region, and with the right policies, the country can set a new benchmark for resilience, inclusivity, and global competitiveness.
“By addressing the identified bottlenecks and seizing new opportunities, Ghana can unlock economic growth that benefits all citizens. The time to act is now,” he concluded.
