Taxation policy, cost of telecoms, government bureaucracy and regulatory framework received poor ratings, the 2024 UK-Ghana Chamber of Commerce (UKGCC) Business Environment and Competitiveness Survey (BECS) has revealed.

This the report said needed immediate attention to improve Ghana’s business environment.

Of interest is the fact that, for the first time, cost of telecoms and regulatory framework appeared on the list of business components given a poor rating.

The report explained that the availability of telecom facilities continues to be the best-rated business component according to respondents although the percentage of respondents that allocated positive ratings reduced from 36% in 2023 to 20% in 2024.

Also, power availability, availability of labour, water availability, and availability of logistics partners, were included in businesses’ perceptions of the best-rated business components.

Business Component Changes Over Last 5 years

Meanwhile, corruption has been a permanent fixture in the list of the top five most declined business components over the last four years.

Despite the percentage of respondents with this view having reduced markedly over the four years, the report said this must be something the government should keep a keen eye on for improvement. Additionally, the costs of power have consistently posed as challenges to the business community, even when its availability is good or improves.

Also, tax policy was identified as one of the top five most declined.

According to the report, these are all areas that the government should engage with business on to find solutions