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Business News of Wednesday, 27 May 2020

Source: goldstreetbusiness.com

Review of outmoded business regulatory regimes underway


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The Ministry of Trade and Industry (MoTI) and key stakeholders have begun reviewing various regulatory regimes that govern the current business framework in the country.

The review seeks to amend business operating laws that are considered to be outdated and contradictory in the current business operating system as well as regimes that are further impacting dual taxes and causing unnecessary burden on the business community.

This is part of intense efforts aimed at enhancing entrepreneurship and also increase trade and investment in the country which is part of the Business Regulatory Reforms programme started in 2017.

The exercise seeks to clean up existing business regulations that are inefficient or considered not business-friendly, whilst maintaining adequate protections for consumers as well as improving how business regulations are produced by ensuring that new regulations meet an agreed minimum criteria.

Goldstreet Business understands that MoTI has already worked in partnership with a legal firm to coordinate all business operating laws into a single electronic register – which consists of all business regulatory frameworks – as this has been linked with the business consultation portal.

This is expected to enable the private sector and investors seeking to invest have access to detail information of all business regulations that have been developed.

Having coordinated all the business laws and frameworks, an initial assessment conducted indicated that some of such laws were contradictory and old.

Business Regulatory Reforms / SME policy

To enable the private sector benefits in the operationalization of the Business Regulatory Reforms programme, the Ministries of Trade and Industry and Business Development are preparing to launch a new policy framework to enhance the competitiveness of Micro, Small & Medium-sized Enterprises (MSMEs) which was approved recently.

When fully implemented, the policy framework is expected to drive key specific interventions such as a credit rating system as well as effective measures to de-risk the business ecosystem which will in turn protect the development of SMEs.

Intense negotiations between the two ministries and business groups representing the private sector notably Ghana National Chamber of Commerce & Industry (GNCCI) and Association of Ghana Industries (AGI) reached an advanced stage last year geared towards implementing a National Policy framework to guide the operations of MSMEs.

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