Ghana is now west Africa’s top business friendly nation.
While the ranking of Africa’s best economies keep reshuffling, World Bank has stated that Ghana is currently the best place to do business in West Africa.
This somewhat substantiates Mahama’s claims that the economy was heading for greater heights.
According to him, negative information about the economy under his administration are nothing but baseless rumors pedaled by the opposition party and the detractors of his reign.
The recently released World Bank Ease of Doing Business report reveals that the West African nation has made significant progress in several areas. It also showed that Ghana has surpassed neighboring Nigeria and Ivory Coast.
Nigeria may be Africa’s leading economy but Ghana has taken the top spot as the best place in West Africa to do business.
The report looks into several indicators as it relates to the economic growth of 190 countries of the world.
The World Bank Ease of Doing Business rankings assesses countries based on these indicators:
- Starting a business
- Access to a credit facility
- Registering a property
- Access to electricity
- Paying taxes
- Protecting minority investors
- Trading across borders
- Enforcing contracts and
- Resolving insolvency
Ghana made an astounding leap from 187th position to 167th position for the trading across border indicator.
Ghana trails at the ninth position after Lesotho and Zambia as the best place for doing business. Mauritius takes the cake for East African countries, with an overall Doing Business global ranking of 49.
In the areas of protecting minority investors and dealing with construction permits, Mauritius led with a rank of 32 and 33 respectively.
Ghana moved up 3 places to the 76th position in terms of resolving insolvency. From 100th, it moved to 122nd position in terms of availability of electricity for businesses.
On a global rating, out of 190 countries, Ghana’s economic growth and performance has improved, going up 3 places to 108th position.
President Mahama said:
“Ghana is an attractive place to do business and often we must use measurable instruments to make our points. People say Ghana has become a high cost of doing business and investments are falling. There is no truth to it, if you go to GIPC; Ghana is one of the few countries that have seen increased investment.”