Government policies aimed at enhancing the business environment in Ghana will from now be drafted based on research conducted by business educational institutions, Minister for Business Development, Mohammed Ibrahim Awal has said.
His comment follows research conducted by the University of Ghana Business School (UGBS) which showed the momentum of real sector growth in Ghana has waned since 2014 after growth slumped from 7.4% in 2013 to 4.0% in 2014.
According to him, the country could have addressed the decline in its growth in 2015 and 2016 if policy makers have used research works conducted by credible institutions.
Growth fell to 3.9 % in 2015 and further to 3.7 % in 2016.
Mr. Awal who spoke at the launch of the second edition of the Ghana Business Development Review.
He encouraged all players in the academic community to do more in the areas of research to guide the crafting, formulation and implementation of future national policies.
“Academia give us the research, evidence-based information, that we need to make crucial decisions. This will serve as a guide to government, for which we are very grateful,” he said.
About Ghana Business Development Review (GBDR)
The second edition of the report is a build on the first edition of the report which was launched in 2016.
It covers a wide range of business sectors with each sector dissected on the thematic areas; developments, performance, managerial and governance issues, major constraints, as well as the outlook.
The period for examination was 2015-2017. There are 18 chapters in total.
Chapter One of the report sets the tone for the other chapters by providing an overview of the Ghanaian economy and the prevailing business environment within the period of review.
The report wraps up with chapters on hospitality and tourism sector and accounting services sector.
With regards to sectorial performances, for example, the report stated that the industrial sector recorded negative growth of -1.2% in 2016 from 0.1% in 2015.
Services sector continues to play its role as the main driver of the growth by expanding by 0.7% over the previous year to reach 5.9% in 2016.
The Information and Communication subsector continues to be the leader of services sector growth rising to 14.4% in 2016 from 13.4% in 2015.
The report provides relevant and useful information for academia, for industry practitioners and policymakers.
By: Anita Arthur/citibusinessnews.com/Ghana