Ghana Beats Cote d’Ivoire In Rankings

James Roberts, Research Fellow, the Heritage Foundation giving a presentation of the Index

Ghana has been ranked 72^nd in the 2016 World Index of Economic Freedom ahead of Cote d’Ivoire, Togo, Benin and Burkina Faso.

The country, which scored 63 points in the World Index, placed first in the sub-region while Cote d’Ivoire, which scored 60, placed 92nd, with Benin, 59, placing 101 in the world rankings.

The 2016 Index of Economic Freedom analyzed economic policy developments related to economic freedom in 178 economies.

The analysis was based on four pillars, which are rule of law (property rights and freedom from Corruption), government size (fiscal freedom and government spending), regulatory efficiency (business freedom, labour freedom and monetary freedom) and open market (trade freedom, investment freedom and financial freedom).

Comparisons
In the 2016 World Index of Economic Freedom, Ghana performed well in every aspect of the four main pillars as compared her neighboring countries- Togo, Benin, Burkina Faso and Cote d’Ivoire.

However, the country performed woefully in comparison with countries such as South Korea, Malaysia and Singapore.

In 1961, Gross Domestic Product (GDP)/Capita in Ghana was $190, whereas South Korea was meager $92.

Today, Ghana’s GDP/Capita stands at $1,380 while South Korea has $27,222.

Doubts over ranking
The 2016 Index of Economic Freedom demonstrated that countries with higher levels of economic freedom substantially outperform others in economic growth, per capita income, healthcare, education, protection of the environment, reduction in poverty and overall well-being.

However, many Ghanaians have expressed doubts about the ranking, stating that the country is performing poorly in all the four areas.

They said the scores of the index do not reflect the reality on the ground, arguing that the economy of Cote d’Ivoire, which is behind Ghana in the ranking, was performing better than Ghana.

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By Cephas Larbi