A survey of local firms has confirmed that interest rates, electricity and corruption are the main stumbling blocks to doing business in Ghana. All 391 firms interviewed ranked interest rates as the biggest hurdle in their business, followed by electricity and water connection. Corruption came up as the third obstacle.

The results of the study were released at the recently held Commonwealth Ghana Investment Conference aimed at attracting foreign direct investment into the country. The survey results come at a time when interest rates show a decline.

According to the Bank of Ghana figures, interest rates determined by market forces has halved from almost 50% at the beginning of last year to about 26%. Other obstacles the survey identified included tax rate, complex laws, regulations in getting business premises and customs clearance. The survey also identified political stability, improved growth and stable exchange rate as some of the positive selling points of the country.