Nigeria defeats Ghana in 2018 World Happiness Report

Nigeria defeats Ghana in 2018 World Happiness Report

- A 2018 world happiness report show Nigerians are happier than Ghanaians

- Nigeria, South Africa and Ivory Coast had impressive results unlike Ghana

- Issues related to crime, unemployment and high cost of living could be part of the reasons why Ghanaians are unhappy

The 2018 World Happiness Report has shown that Nigerians are happier than Ghanaians.

In this report, Ghana was unable to beat other African countries including Nigeria which scored the 91st position as against 108th position for Ghana.

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This comes at a time when the government claims the economy is on the right path to recovery and job creation is also being achieved.

Looking at the measure of happiness the report measured, it is clear that issues related to the rise in armed robbery cases coupled with high cost of living could trigger the high level of unhappiness in the country.

Nigeria also remains one of the largest economies in Africa considering the huge population rate and returns from the exploration of oil in large quantities. But the largest West African economy also faces some grave challenges like corruption and terrorist attacks from Boko Haram and other Jihadist forces.

Just before the NPP administration took office, Ghana's macroeconomic outlook was just unconscious talking about the rising levels of non-performing loans at the banks, the $2 billion energy bond debt, burgeoning rate of inflation, energy crisis, dwindling of investor confidence, the list goes on and on.

But now we have the NPP administration in place and in just 10 months, Ghanaians continue to see the various policies that this government is putting in place to transform the economy. But take some time to find out the secret plan for government's transformation agenda and then you will come to appreciate more the trajectory it is taking.

Just before the NPP took over power, their main plan was to transform the economy. That was the plan. In doing so, the Nana Addo-led administration had just one thing left to embark on this flamboyant move which is the attraction of capital from both foreign and local investors.

But these investors can never sacrifice their capital to a struggling economy like Ghana unless they saw some key things that could help their business adventure flourish.

So then government devised a new strategy that will be aimed at restructuring the foundations of the economy. This was how come we first heard about the paperless port system which has transformed doing business at the ports especially when businessmen would now be free to clear their goods without the strain of bureaucracy and bribes.

If any investor heard of this brave move by Ghana, there is no doubt in our minds that they would rush to invest. Beyond the paperless system did we see the recapitalization of the banking sector which saw the Bank of Ghana clean the sector with the recent closure of UT and Capital Bank through a takeover by GCB.

In every economy, the banking sector remains one of the foundations of success since a break down of confidence and subsequent collapse of banks will possibly see investors withdraw their funds and rush out to other ventures.

Through the Ghana Investment Promotion Centre (GIPC), the government continues to create he best case for investors to invest in the various sectors of the economy.

In fact, the poorest performing sector which is Agric has also seen a major boost through many bold interventions like the planting for food and jobs, one-district-one-factory, one-district-one warehouse and also the one-village-one-dam interventions - all aimed at making Ghana's Agric sector work again.

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So there we have it, it's all about attracting investor confidence in the country and increasing foreign direct investments in the short to medium term. Because when we get investors coming, they come with huge capital and this subsequently results in the creations of new business ventures which subsequently translates into job creation and ultimately an economic boom.

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Source: Yen

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