Ghana has dropped three places in the latest World Bank-IFC Doing Business 2012 report. Ghana dropped to 63rd this year out of 183 countries for doing business surveyed across the globe.
The Doing Business report assesses regulations affecting organizations in 183 economies and ranks them in 10 areas of business regulation including starting a business, resolving insolvency, and trading across borders.
The high cost of starting a business in the country went up about 70 percent, causing Ghana’s downgrading in the report.
Ghana ranked 104 in this category as against 85 it had in the previous edition.
This seems to be a reflection of Bank of Ghana’s MPC report that indicated that Business Confidence in the country has waned.
According to the Central Bank, the economy is being managed to arrest the situation.
The Governor, Kwesi Amissah-Arthur said that the Bank of Ghana have a responsibility to restore confidence in the public, in terms of the economy’s strength.
“If people feel there are inflationary pressures in the economy, we therefore must tighten policy to reduce those pressures, That will restore confidence in our ability to manage. ” He added.
In the area of Dealing with Construction Permits rankings, Ghana dropped again to 156 as against 152 in the previous edition.