GHANA RANKS 103 OUT OF 159 COUNTRIES IN LATEST ECONOMIC FREEDOM INDEX
ACCRA, Ghana has been ranked 103rd most economically free country in the world out of 159 affected by the survey.
This was disclosed by the Resident Fellow of the Fraser Institute, Fred McMahon during a presentation of an overview of Economic Freedom of the World at an IMANI organised programme in Accra.
The survey evaluated key pillars of the economy for all nations ranging from judiciary, taxes, size of government, credit regulations, labour regulations, gender disparities and trade freedom among others.
Fred McMahon noted though Ghana enjoys relative calm and has an enviable democratic track record, it wasn’t enough to propel the country economically and urged the government to put in prudent measures that will have direct bearing on the lives of the ordinary citizen.
He observed that it was worrying for a country like Ghana to have a large size of government adding that it was a disturbing trend among many developing countries which shouldn’t be tolerated.
The Canada based Fraser Institute Resident Fellow stressed the high taxes witnessed in Ghana and other developing countries could likely be as a result of such large government explaining that the taxes in most cases benefits the rich and high class than the poor and vulnerable in society.
Most relatively poor nations have rather a small government. Ghana is a bit of an exceptionit doesn’t have a huge government but for a nation at this level of prosperity it has a large government and of course, Ghana has had fiscal problems in the pastso it is very important for the Ghanaian government to get spending under control otherwise the economic prospects of Ghana will continue to be weak.
Having a fair taxation for everyone including the rich and the powerful is tremendously important and all the exemptions that the government is putting in place favour the privilege and the privilege should not be favoured, they should be treated equally with everyone else, McMahon said.
Source: NAM NEWS NETWORK