The World Bank recently ranked Ghana’s economy as the first African country and the ninth in the world to successfully implement reforms to ease business practices.
The World Bank examined 175 economies and their 10 areas of business activity, which included starting a business, dealing with licences, employing workers, getting credit and payment of taxes.
“Ghana’s ranking in terms of the ease of doing business has improved from 102 in the previous year to 94 currently,” says a Standard Bank spokesman. “In addition to this, the corporate tax rate has been reduced drastically from 32.5 percent in 2004 to 25 percent in 2006.”