This is a continues significant increase in new business registration which started from 2019.
Ghana records an increase in new business registration in 2019
Business name and company registrations for January 2020 went up to 7,000.
Data from the Registrar general’s office showed that the department registered a total of 48,469 businesses. This is higher the first half figure in 2019 of 43,986.
The Department said businesses are registering their entities now due to its improvement in efficiency and customer experience in the business registration process.
The types of entities registered include Subsidiary Business Name, Company Limited by Guarantee, Partnership, Company Limited by Shares, Sole Proprietor and External Company.
In January this year, 4,841 businesses registered in the sole proprietor category while Company Limited by Shares and Company Limited by Guarantee also recorded 1,299 and 502 respectively.
The Department also indicated that out of the 48,469 registrations made in the second half of 2019, a total of 35,342 were registered under the sole proprietor category as Company Limited by Shares and Company Limited by Guarantee recorded 8,995 and 3,701 respectively.
This means that the total number of business registered in 2019 stands at 92,455. This is a significant increase over 2018 figure of 86, 669.
A report by the International Finance Corporation (IFC) – the private sector financing arm of the World Bank indicated that the private sector provides nine out of 10 jobs in developing countries.
This implies that the increase in number of business registrations shows the private sector’s contributions to the reduction of unemployment in the country.
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