By Alberta Asanewa Dwirah
The Ministry of Finance has reaffirmed its commitment to working with civil society organisations and key state institutions to strengthen public financial management reforms and create a more transparent and investor-friendly business environment in Ghana.
Speaking at a stakeholders’ round-table discussion in Accra, the Chief Economic Officer at the Ministry of Finance, Cynthia Arthur, said the ministry will continue to collaborate with civil society groups to advance policy reforms, particularly in public financial management and procurement.
She noted that recent revisions to the Procurement Act are aimed at improving procurement outcomes and enhancing transparency, adding that sustained public engagement remains crucial.
“As a ministry, it is important that the public understands what we are doing and the objectives we seek to achieve in terms of financial and economic stability,” she said.
Ms Arthur pointed to improvements in Ghana’s macroeconomic indicators, stating that inflation is declining and the exchange rate has shown signs of stability. She assured that the government will continue working to sustain these gains in order to achieve long-term economic stability for the benefit of the country.
The Head of Finance at Transparency International, Benedict Doh, said the dialogue sought to identify bottlenecks that hinder investment and to propose practical solutions.
“Ghana is a conducive destination for business, but there are bottlenecks that need to be addressed. The discussion focused on identifying these challenges and how to deal with them,” he explained.
Mr Doh highlighted bureaucratic processes involved in business registration as a major concern, noting that simplifying such procedures would make it easier for businesses to operate in the country.
He also identified weaknesses in certain laws, particularly within the tax exemption regime, which he said have been exploited in the past. He welcomed the introduction of a consolidated Tax Exemptions Act in 2022, describing it as a positive development that requires effective implementation to deliver its intended benefits.
Another key issue discussed was business registration with the Ghana Investment Promotion Centre (GIPC). Mr Doh praised the introduction of a 24-hour premium registration service, describing it as an innovation that investors and businesses should take advantage of.
He further stressed the importance of designing investment policies that support domestic businesses, noting that empowering Ghanaian companies would lead to more sustainable economic growth and create opportunities beyond the local market.
Mr Doh described the round-table discussion as effective, adding that Transparency International will compile a policy paper based on the deliberations and share it with the Ministry of Finance and the GIPC.
The initiative, he said, is aimed at fostering a more positive and conducive business environment to attract investment and promote sustainable economic development in Ghana.
