Home / General News / Ghana’s economy ranked 84th freest worldwide in 2012

Ghana’s economy ranked 84th freest worldwide in 2012

Share this with more people!

…economy seen as “moderately free”

Ghana’s economic freedom has scored an overall score of 60.7, making it the 84th freest worldwide out of 179 countries, according to the 2012 Index of Economic Freedom released by the American Heritage Foundation in partnership with the Wall Street Journal.

Ghana, the world’s second-largest producer of cocoa, was ranked 9th out of 46 countries in the sub-Saharan Africa region, and its overall score has risen above both the world average (59.5) and regional average of 53.7. Mauritius topped the region with 77 points.

Ghana’s overall score was 1.3 points better than last year (2011) and was “due to improvements in four of the 10 freedoms including labor freedom and monetary freedom” the report said.

Recording one of the 20 largest score improvements in the 2012 Index, the conductors of the report commented “Ghana has become a “moderately free” economy.”

With a five-point increase in economic freedom since 2006, it argues that the economy has been growing at an average rate of 6% per year. “A vibrant private sector, benefitting from macroeconomic stability and ongoing reforms, has contributed to the economic expansion,” the report adds.

Maintaining the momentum for reform will be vital in solidifying an entrepreneurial framework that can sustain long-term economic growth and contribute to a further reduction in poverty, it opined.

The report highlighted the lingering institutional impediments to economic freedom which includes inefficient protection of property rights and weak rule of law.

Despite some progress, corruption remains a serious deterrent to translating overall economic growth into sustained and broad-based economic development, the report stated.

However recent regulatory reform measures have yielded reductions in bureaucracy and increases in transparency even though progress in easing constraints on business and enhancing overall regulatory efficiency has lagged compared to other economies.

Hong Kong and Singapore topped the global rankings with an overall score of 89.9 and 87.5 respectively.

The 2012 Index of Economic Freedom documents a global economy that is engaged in this evolving battle between the forces of government and free markets.

By Ekow Quandzie

Share this with more people!

Check Also

Age-related biases in policies, bane to youth development – NYA

Age-related barriers in the formulation of development policies remain a bane to the sustainable growth …