The United Kingdom's Trade Envoy to Ghana, Adam Afriyie, has said that the incoming New Patriotic Party (NPP) government must adopt business-oriented policies that will develop the country's economy.
Adam Afriyie, a Conservative Party Member of Parliament (MP) for the Windsor constituency in the UK, stated that making Ghana more hospitable for businesses is high on the list of concerns for the President Elect.
British MP stated that other economies in sub-Saharan Africa or reforming faster and going further.
“Kenya, for example, improved its Doing Business ranking from 113 to 92 in the last year alone. Ghana faces competition from other countries, including in its own region, that have cottoned on to the importance of institutional reforms and cutting red tape – initiatives that allow businesses to thrive, create jobs, and pay taxes."
“As the new government takes office I hope that, with UK support, it will focus on building the economic policy environment needed for business to flourish,”
According to Mr. Afriyie, a lack of predictability and prioritization combined with tedious regulations work together to reduce private investor confidence.
“burdensome regulations reduce private investor confidence. And the impact of last-minute changes in regulation, such as tax increments or investment registration fees introduced by government agencies, can be confusing and costly for business”.
Among some of his suggestions, Mr. Afriyie suggested deregulation of state owned enterprises and an increased private sector participation.