The move came after the government appointed a multisectoral technical team to develop a strategy that will make it easy to do business in in the West African nation.
According to the Vice-President Mahamudu Bawumia, the planned reforms are within the framework of the World Bank Group’s Doing Business Report.
These reforms are a further demonstration of the government’s commitment to remove the obstacles that have long kept businesses in Ghana far from reaching their full potential, he said.
“We aim to unleash the Ghanaian entrepreneurial spirit and open our doors to the world,” Vice President Bawumia said.
The reforms include starting a business, obtaining construction permits, getting electricity, trading across borders, and resolving insolvency.
Ghana ranked 114th in the 2019 doing business ranking, up from 120th in 2018.
The World Bank has rated Ghana among the highest-growing economies in Sub-Saharan Africa.
The Bank of Ghana said Ghana’s economic growth has been firm and is expected to remain steady over the medium-term as shown in its leading indicator of economic activity.
In January, Ghana’s benchmark stock index achieved the world’s highest rate of growth, 19 percent, according to Bloomberg.
Oil is not the only resource helping to drive Ghana’s economy. Cocoa is Ghana’s other natural bounty.