Finance Minister – Seth Terkper
Forbes has ranked Ghana 79th among 144 countries as far as doing business is concerned. The cocoa-, gold-, and oil-producing West African country also came 8th among the 40 African countries captured in the ranking.
African countries like Namibia, Senegal, Tunisia, Mozambique, the Seychelles, Madagascar, Lesotho, Cote d’Ivoire and Burkina Faso were all behind Ghana in the ranking, while Mauritius, Cape Verde, South Africa, Morocco, Zambia, Rwanda and Botswana were ahead of the former British colony.
Ghana’s scores for specific factors based on which the ranking was done are as follows: Property Rights, 49; Trade Freedom, 12; Monetary Freedom, 123; Personal Freedom, 35; Market Performance, 74; Innovation, 65; Technology, 96; Red Tape, 83; Investor Protection, 63; Tax Burden, 84; Corruption, 55.
The macroeconomic indicators and demographics also used by Forbes are as follows: GDP per Capita: $4,100, GDP Growth: 4%, Public Debt/GDP: 71%, Population: 26.3M, Unemployment: 5.2% and Inflation: 15.5%.
According to Forbes, economy of Ghana was strengthened by a quarter century of relatively a competitive business environment, sound management and sustained reductions in poverty levels, but in recent years have suffered the consequences of current account deficits, loose fiscal policy, high budget and a depreciating currency.
It said Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region.
Forbes added in a profile that Ghana is well-endowed with natural resources. Agriculture accounts for nearly one-quarter of GDP and employs more than half of the workforce, mainly small landholders.
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