Despite persistent challenges, such as high costs of machinery and land, the 2024 UK-Ghana Chamber of Commerce (UKGCC) Business Environment and Competitiveness Survey (BECS) reveals cautious optimism among businesses about future growth, particularly in technology adoption and market expansion.

The insights indicate that several critical areas require immediate attention from stakeholders to enhance Ghana’s business competitiveness and attractiveness to investors.

Notably, 69% of respondents perceive Ghana’s business environment as lagging regional and global peers, reflecting ongoing challenges.

A significant finding from the survey was the growing reliance on technology to drive business efficiency. Respondents said they are leveraging emerging or advanced technologies, with digitalisation helping to offset some operational inefficiencies.

Similarly, the adoption of new technologies is gaining ground in the agriculture and services sectors, highlighting the role of innovation in improving productivity. However, some businesses still operate with outdated systems, indicating room for further technological advancement.

Meanwhile, businesses rated availability of telecommunications, power and labour as best components within Ghana’s business environment.

Businesses, especially in the manufacturing sector, are embracing digital tools to enhance productivity and reduce operational inefficiencies.

However, the manufacturing sector, which forms a cornerstone of Ghana’s economic activity, continues to face high production costs, including raw material costs and access to financing/ capital.

While there have been improvements in the availability of raw materials, respondents emphasised that the high cost of machinery and energy remains a significant barrier to scaling operations