Ghana not too conducive for business - WEF

Finance Minister Dr. Kwabena Duffuor         Ghana appears to be losing out on its competitiveness as a conducive environment for people wanting to do business according to the latest Investment Climate Survey by the World Economic Forum. The Executive Opinion and Global Competitiveness report ranks Ghana 114 out of 139 countries, scoring just about half of the maximum 7 points. The survey covered some developments in 2009 based on publicly available data. The results also included responses from some 13,500 people. This comprised chief Executives of both small and big businesses. The latest rankings mean that Ghana has gone down by 4 places from its 110th position in 2008. The Gobal Competitiveness Report rankings was based on some 12 indicators. These include institutions operating in the country, infrastructure, macroeconomic environment, health, primary and higher education and training. The rest are; goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation. The country also appears not be doing so well among its peers as Ghana placed 18 out of 39 countries in Africa, coming after countries like; Rwanda, Benin, Senegal and Cameroon. This is Ghana’s worst showing after it first participated in the survey in 2008. In the overall rankings the United States was overtaken by Switzerland as the most competitive country. Source: Joy Business/Myjoyonline.com/Ghana