- Ghana has been ranked among Sub-Saharan countries with the lowest levels of government integrity
- According to the 2018 Index of Economic Freedom released by the Heritage Foundation, Ghana placed 19th out of the 47 countries
Information available to YEN.com.gh shows that loose fiscal policy and political favoritism has undermined Ghana’s overall economic competitiveness.
This is according to the 2018 Index of Economic Freedom released by the Heritage Foundation.
The fall in rank occurred despite improvements in judicial effectiveness, government spending, and fiscal health.
Ghana's "economy has suffered in recent years from the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency," the report said.
"The heavy burdens of state regulation and political favoritism undermine overall competitiveness. A cumbersome bureaucracy dissuades potential entrepreneurs and impedes optimal economic performance," the report added.
The Index, which gave Ghana a score on integrity of 32.9, also noted that corruption remains unchecked by selectively enforced reform measures.
Overall, Ghana scored 56.0 among 180 countries ranked, making its economy the 122nd freest in the 2018 Index.
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"Its overall score has decreased by 0.2 point, with lower scores for the property rights and labor freedom indicators outweighing improvements in judicial effectiveness, government spending, and fiscal health," according to the Index.
Ghana is ranked 19th among 47 countries in the Sub-Saharan Africa region, and its overall score is above the regional average but below the world average.
The score for this component is measured on a 100-point scale; a score of 100 indicates very little corruption and a score of 0 indicates a very corrupt government.
The 5 countries with best standards in government integrity were Hong Kong, Singapore, New Zealand, Switzerland and Australia.
The 5 countries that were deemed to have the worst forms of integrity were North Korea, Venezuela, Cuba, Republic of Congo and Eritrea.
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