The Africa Centre for Entrepreneurship and Youth (ACEY) has identified trade restrictions, taxation and the high cost of internet access as major challenges limiting entrepreneurship and business growth in Ghana.

The concerns were raised during the launch of the Regional Entrepreneurship Freedom Report, held under the theme; “Entrepreneurship in Ghana: What Works, Where and Why?”.

Speaking in an interview with Emmanuel Acquah, a founding member of the Africa Centre for Entrepreneurship and Youth, the centre said trends in the Regional Entrepreneurship Freedom Index since 2021 point to persistent structural barriers confronting entrepreneurs across the country.

According to ACEY, trade freedom remains a significant challenge with entrepreneurs facing difficulties related to government policies affecting imports and exports.

“Trade freedom remains a significant challenge, with entrepreneurs facing difficulties associated with government policies affecting imports and exports, including tariffs and cumbersome certification processes,” the centre said.

ACEY noted that the situation was particularly concerning as Ghana and other African countries seek to take advantage of the African Continental Free Trade Area (AfCFTA) to expand intra-African trade and create opportunities for businesses.

The centre also identified taxation and fiscal charges as a major burden on entrepreneurs, stressing that the challenge extends beyond national taxes to include various levies, fees and fines imposed at the regional and local levels.

“The challenge goes beyond national taxes to include various levies, fees and fines imposed at the regional and local levels,” ACEY noted.

On digital connectivity, the centre expressed concern about the cost and accessibility of internet services, arguing that Ghana’s transition towards a predominantly service and technology-driven economy requires affordable and reliable internet access.

It said entrepreneurs, particularly those building innovative and technology-based businesses, need affordable internet access to fully participate in the digital economy.

“Entrepreneurs, particularly those seeking to build innovative and technology-based businesses, must have access to the internet at a cost they can afford if Ghana is to fully harness the opportunities presented by the digital economy.”

As part of its recommendations, ACEY called for greater deregulation of the telecommunications industry to encourage more players and competition.

The centre believes increased competition could help reduce market concentration, improve service delivery and make telecommunications services more affordable for businesses and consumers.

“Increased competition could help break market concentration, improve service delivery and ultimately make internet and telecommunications services more affordable for businesses and consumers.”

ACEY maintained that addressing these structural barriers would be critical to creating a more enabling environment for entrepreneurship, innovation and job creation in Ghana.