The UK-Ghana Chamber of Commerce (UKGCC) has released the seventh edition of its annual Business Environment and Competitiveness Survey (BECS) Report for the year 2025.
This year’s survey recorded a significant rise in participation, with 1,016 businesses responding — a 40% increase over 2024’s 725 participants. Respondents were drawn from 22 industries, including wholesale and retail trade, other services, accommodation and food services, healthcare, education, construction, transport, professional services, agriculture, and multiple branches of manufacturing such as food and beverages, textiles, machinery, chemicals, electronics and metals.
Overall sentiments expressed by businesses indicate a cautiously positive outlook. Many respondents observed that Ghana’s economic climate is stabilising, aided by lower inflation, a more stable currency, and declining interest rates. Businesses also acknowledged improvements in infrastructure, management skills, telecommunications and political stability.
As a result, the proportion of companies who perceive Ghana’s business environment as trailing behind regional competitors fell from 69% last year to 58%.
Key Survey Findings
The survey’s findings point to several encouraging developments. For instance, respondents noted improved access to quality infrastructure and lower telecommunication costs, reflecting ongoing investment and reforms in these areas. Businesses also reported stronger management capability across organisations, increasing adoption of advanced technology, and greater confidence in the stability and effectiveness of the political system following the 2024 general elections.
These positive changes are contributing to more predictable operating conditions and gradually improving competitiveness.
However, despite these positive indicators, respondents noted that growth continues to be constrained. 57% of businesses highlighted the high cost of land as a major impediment to expansion, while the cost of machinery (57%), and technology (56%) remain significant concerns. Locally sourced raw materials were cited as increasingly expensive, affecting production and pricing decisions, particularly in the manufacturing sector.
Although access to capital has improved generally, small and medium-sized enterprises still face difficulties securing affordable financing. Power supply reliability has strengthened, but energy remains a costly component of doing business.
On the governance front, respondents reported significant improvement in the regulatory environment compared to last year, a reflection of government’s growing commitment to strengthening transparency, predictability, and overall business efficiency.
They commended government for its reforms aimed at simplifying business registration and tax compliance, as well as the noticeable progress in curbing corruption and bureaucratic delays—issues that previously eroded investor confidence.
Priority Areas for Action
The 2025 UKGCC BECS report identifies several priority areas that require sustained collaboration between government and the private sector. These include reducing the cost of critical production inputs, expanding access to affordable financing, strengthening investment protection, and pursuing deeper regulatory and tax reforms.
Businesses surveyed also emphasised the need for further digitalisation of public services to reduce bureaucracy and called for greater support to help companies take full advantage of opportunities under the African Continental Free Trade Area (AfCFTA).
Respondents further stressed the importance of continued investment in technical and tertiary education to build a workforce capable of meeting Ghana’s future industrial needs.
Commenting on the findings, Anthony Pile, MBE, Chairman of the UKGCC’s Executive Council, remarked that “the 2025 edition of the survey is particularly significant as it reflects the sentiments of businesses during a period of transition and recovery.”
He noted that while Ghana’s economy is showing signs of stability, structural issues such as the high cost of land, technology, machinery and raw materials continue to hinder growth. He emphasised the need for targeted interventions to ensure that businesses — especially small and medium-sized enterprises — are fully able to harness emerging opportunities.
For his part, Vish Ashiagbor, Country Senior Partner at PwC Ghana, a UKGCC Platinum member company and consultants/advisors for the report, also described the results as indicative of a cautiously improving business climate.
He highlighted the importance of continued collaboration between policymakers and the private sector, noting that deeper reforms will be essential to address long-standing bottlenecks, strengthen investor confidence and sustain inclusive growth.
About the Survey
The UKGCC’s annual Business Climate and Competitiveness Survey was first launched in 2019 and has been conducted every year since then. The main purpose of the survey is to increase the understanding of opportunities and challenges that the Ghanaian market presents for UKGCC members and businesses generally, whether large or small, new or old, and across all sectors.
The survey provides a platform for businesses to provide key feedback on the health, confidence, intentions, and issues of businesses in Ghana and therefore, serves as the foundation for the UKGCC’s advocacy work.
The 2025 edition provides a comprehensive analysis of several important indications of the current business climate, as perceived by businesses, offering a data-driven look at the trends shaping the business landscape.