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Trade Minister to present Business Regulatory Reform bill to parliament

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The Minister of Trade and Industry, Kobina T. Hammond, has said his outfit will submit the Business Regulatory Reforms Commission bill to Cabinet, to be laid before parliament for deliberation and onward passage into law next year.

The programme is expected to improve the quality and transparency of regulatory administration in Ghana, and create a predictable business regulatory environment conducive to private sector development and make Ghana the most business-friendly country in Africa.

Mr. Hammond was speaking at the 2nd UK-Ghana Chamber of Commerce (UKGCC) End-of-Year Gala Dinner and Awards last Saturday at the Movenpick Ambassador Hotel in Accra, where he said: “I am happy to announce that I will be submitting to Cabinet for consideration and approval the Business Regulatory Reforms Commission bill, which will then be laid in parliament for passage into law – hopefully in its first session of 2024”.


Economic Transformation

Mr. Hammond, who is also Member of Parliament (MP) for the Adansi-Asokwa Constituency in Ashanti Region, stated that President Nana Addo Dankwa Akufo-Addo, whose clarion call has always been for transformational economic development of the country, launched a multi-faceted Industrial Transformation Programme geared toward expanding and diversifying the manufacturing base and incentivising investment in transformative, economic and social outcomes.

“The transformation is about creating an environment where businesses can thrive, where innovation is encouraged and where opportunities are abundant,” he said.

He further said it was in the spirit of transformation that “we have committed to demystifying the business regulatory regime in the country, to ensure that business is conducted with relative ease”.

The Trade Minister added that the event was an opportunity to celebrate the bilateral trade and investment relations which are deeply embedded in Ghana and UK’s shared past, present and future. “Our ties are cemented in history, language and common interest in democracy, freedom, rule of law, inclusive development and mutually beneficial trade and investment outcomes.”


Support for businesses

For his part, UKGCC Executive Council and Founder, Blue Skies Ghana Ltd., Anthony Pile, said the chamber will continue providing exceptional support for member-businesses – fostering unfettered growth as they work to promote trade between Ghana and the UK. “I can also assure you that the UK-Ghana business community has an outstanding private sector voice in the form of UKGCC, with its remarkable trajectory of growth and a relentless commitment to its members’ prosperity and development,” he said in assurance.

On challenges, he said since the last gala dinner and awards held in 2018, events within the country and globally, such as the COVID-19 episode, did not make it sensible to be repeated until this year. “The UKGCC, however, has not stagnated in the intervening period. I am proud to say that we have grown from strength to strength, and this is perfect timing for a celebration – a celebration of the UKGCC and our members’ resilience and tenacity,” he said.


Award winners

Tullow Oil PLC and Guinness Ghana Ltd. picked up two awards each at the UKGBA second edition. Tullow Ghana received the Economic Impact award in recognition of its exceptional contribution to the Ghanaian economy, while also winning the Outstanding UK Business in Ghana award due to its exceptional growth, size and portability in the Ghanaian business environment.

On the other hand, Guinness Ghana Breweries Plc won the Social Impact award for their initiative focused on promoting local economic development and job creation for farmers, as well as the Tax Compliance award for consistently adhering to tax regulations – thereby positively contributing to the mobilisation of tax revenue in Ghana.

Other winners included the Ghana Commercial Bank Plc, which won the Dynamic Member award for their exemplary commitment to upholding ethical business practices, integrity and a collaborative approach aimed at strengthening the business relationship with the Chamber. And Standard Chartered Bank Ghana Plc was adjudged the Decades of UK-Ghana Business Partnership award-winner for their remarkable 127 years of operation in Ghana, demonstrating their enduring commitment to the UK-Ghana trade and investment relationship.

Five other institutions were recognised under the UKGCC Founding Member category, which were: ABSA Bank Ghana Limited, G4S Security Services Ghana Limited, Hogan Lovells, Vivo Energy Ghana as well as Vodafone Ghana. In attendance were the UK Deputy Trade Minister for Africa, Alistair Long; British High Commissioner to Ghana, Harriet Thompson; Ghana’s High Commissioner to the United Kingdom, Papa Owusu Ankomah; and Executive Director of UKGCC, Adjoba Kyiamah.