A survey conducted by renowned accounting and auditing firm pwc on the country’s business climate for the UK-Ghana Chamber of Commerce indicated that the cost of and access to capital (80%), the corruption (68%), cost of land (65%) and government bureaucracy (60%) continue to be top concerns for businesses in the country.
The report however rated water availability, availability of legal system energy efficiency as some of the brightest areas.
When it comes to the top five business costs, the cost of fuel (66%), the cost of capital (64%) and the cost of land (64%) were among the top bottlenecks to business operations.
However, for the most affordable costs, labor costs (59%) and interior marketing (58%) were in the top five.
When it comes to the top five priorities for businesses in the new normal, expanding digital skills (82%) tops the list, followed by implementing new sustainable growth models (69%).
Respondents, however, expect a drop in corruption and an improvement in government transparency.
pwc urged the government and other stakeholders to take the survey findings with the seriousness they deserve and use them to inform policies and programs that will eventually lead to further improvement in the country’s business climate.
“We hope the government and other stakeholders will take the findings of this survey with the seriousness they deserve and use them to inform policies and programs that will eventually lead to further improvement in the country’s business climate.” We will seek to assess – and be delighted to find – such improvements in subsequent business climate surveys produced by the UKGCC,” said Abeku Gyan-Quansah, Principal Researcher and Partner at pwc.
“While these are all issues that keep many people up at night, we believe they fall into the category of low-hanging fruit or quick wins for government. That’s not to say these aren’t complex issues and can be solved overnight. No, but these are challenges that the government has – within reach – levers to influence. In many of these cases, solutions could be designed and fully implemented in a relatively short period of time,” he added.
The survey was conducted among member companies of the UK-Ghana Chamber of Commerce with 47 members taking part in the survey.
This was a reduction from 67 companies in the previous 2021 survey. Respondents represented 16 industries and ranged from small to large companies.