Ghana has not improved for the past three or four years. It has rather declined.
Ghana's economic competitiveness in sub Saharan African has decreased in the past for years due to the country's weakening macro economic indicators.
This is according to the Head of Macro Economics and Trade Sector at the European Union, Christian Peters. He is charging the country to do all in its power to reverse the downward trends.
" You are all aware of the challenges for the private sector in Ghana. Ghana has not improved for the past three or four years. It has rather declined. With international benchmarks, Ghana has been overtaken by countries like Cote d'ivoire, Kenya and Rwanda. There are great challenges for the macroeconomics of the country, there are infrastructure challenges as well."
Mr. Peters further enumerated what he believes were the reasons why Ghana lost its slots to these competitors.
" There were macro economic management challenges, there were infrastructure challenges, there were governance issues. There were challenges with labour efficiency when you compare Ghana to the average performance in the sub Saharan region"
The head of macro economic and Trade Sector at the EU final experience sharing workshop at the National Board of Small Scale Enterprises facilitated by the Trade Related Assisted and Quality Enabling Program.
Ghana dropped 8 slots on the World Economic Forum's Global Competitiveness Report Ghana went down from 111 to 119, out of 140 countries assessed in the report.