Ghana retains 2nd place in Africa Trade Barometer Index ranking by Standard Bank
Ghana has maintained its second position in the Africa Trade Barometer Index rankings, according to a report by Standard Bank. Despite a decline in its score from 82 to 74 between December 2021 and August 2022, Ghana has held on to its position, a testament to the country’s relative trade competitiveness on the African continent. South Africa, with a perfect score of 100, topped the list, while Angola, with a score of 0, brought up the rear.
The Africa Trade Barometer Index rankings offer a comprehensive view of trade enablers and challenges across ten key African markets. The rankings are developed using three trade barometers: the Quantitative Trade Barometer, the Survey Trade Barometer, and the Africa Trade Barometer.
In the Quantitative Trade Barometer, which measures the size, depth, and potential of African markets based on quantitative data, Ghana, South Africa, and Angola retained their respective positions, scoring 86, 100, and 0. The Survey Trade Barometer, which measures perceptions of African markets based on a survey of business leaders, saw Ghana fall from its previous 9th position to 10th on the African continent, with a score of 0. Tanzania topped the Survey Trade Barometer rankings, with South Africa and Angola emerging 2nd and 6th, respectively.
The Africa Trade Barometer report provides businesses, entrepreneurs, investors, governments, NGOs, and students with reliable data and insights on African markets and economies. The report highlights the enablers and challenges to facilitating trade across the African continent, helping to inform decision-making and drive economic growth.
Ghana’s decline in score in the Africa Trade Barometer Index rankings could be attributed to various factors, including a decline in business confidence, limited access to credit, inadequate government support for trading activities, and unfavorable credit terms extended to clients. The decline in these areas could negatively impact trade and business activities in Ghana.
Despite the decline in score, Ghana has still managed to maintain its second position in the Africa Trade Barometer Index rankings. The country’s relative trade competitiveness on the African continent is a reflection of its favorable business environment, relative political stability, and the government’s efforts to attract foreign investment. Ghana has made significant progress in recent years in improving its business environment, which has helped to attract foreign investment and spur economic growth.
Ghana’s retention of its second position in the Africa Trade Barometer Index rankings is a positive indication of its relative trade competitiveness on the African continent. While there is room for improvement, Ghana’s favorable business environment, political stability, and government support for foreign investment are factors that could help to drive economic growth and improve trade activities in the country.
