Mahama promises an open and transparent regulatory framework for business

The flag bearer of the National Democratic Congress (NDC), John Mahma says he will operate an open and transparent regulatory framework for businesses under his administration.

Addressing a gathering at the 8th Ghana CEO Summit held at Kempinski Hotel, Accra, the former President bemoans the inconsistencies in regulations that pose a direct threat to innovation and competition and potentially drive smaller enterprises away from the market.

“We aim to establish an open and transparent regulatory framework inspired by global best practices that promote economic diversification, AI development, and sustainable business practices. Through ongoing dialogue with industry leaders, trade associations, and regulatory agencies, we will ensure that regulations are aligned with industry needs, enabling businesses to thrive in a dynamic and evolving market environment.

“As we lead Ghana into a new era of growth and innovation, we must navigate the regulatory landscape with precision and foresight. Conflicting or disjointed regulatory requirements can unnecessarily burden industries, while regulatory gaps can leave significant risks unaddressed. This can erode public trust and hinder the widespread adoption of transformative technologies like AI,” Mr. Mahama stated.

He further stated that the “Inconsistencies in regulations pose a direct threat to innovation and competition, potentially driving smaller enterprises away from the market. When regulatory measures are disproportionate or misaligned, businesses are forced to divert valuable resources toward compliance, building their capacity to innovate and thrive.”

According to him, under his administration, there will be collaboration, innovation, and strategic leadership.

“Our strategy hinges on optimizing existing regulatory frameworks, maximizing their advantages while intervening judiciously to tackle uncertainty and regulatory voids. This approach will yield a regulatory environment that champions innovation, one that’s flexible and forward-looking, reinforced by robust mechanisms to ensure the integrity of emerging industries and technologies.

“By fostering collaboration between government bodies, regulators, and industry leaders, we can pave the way for a wave of innovation that propels Ghana to the forefront of technological advancement. Our journey as a people towards economic diversification and transformation requires collaboration between the government, the private sector, and academia.

The NDC flag bearer also stated that the nation must engender an environment that encourages innovation and supports entrepreneurship.

“This means providing access to capital, investing in research and development, and creating a regulatory environment that balances innovation with protection. In conclusion, the path forward is clear. CEOs can play a pivotal role in reigning business and economic growth in Ghana by addressing the imperatives of providing world-class business support, upskilling the workforce, and establishing an open and transparent regulatory framework.

Through collaboration, innovation, and strategic leadership, you, as the corporate leaders and captains of industry, will help chart a path forward toward a more prosperous, resilient, and inclusive future for all Ghanaians.

“Our goal is an economically diversified landscape characterized by a balanced mix of industries and markets producing various higher-value-added activities. Working together with you, we can build the Ghana we want,” he added.

Source: Today.com.gh