[ 2014-12-20 ]

Ghana ranked 7th most prosperous nation in Africa
Ghana has been ranked as the seventh most
prosperous nation in Africa and the second safest
nation on the continent, according to the 2014
Africa Prosperity report by the Legatum
institute.

The Legatum Institute is a charitable public
policy think-tank headquartered in Dubai, United
Arab Emirates, whose mission is to help people
lead more prosperous lives.

The report described Ghana - the young oil
producing nation - as a country with a “vibrant
economic spirit”.

The new research ranked prosperity in 38 African
countries around criteria ranging from economics
to education to health, the title went to
Botswana, the diamond-rich country in southern
Africa.

As well as posting a relatively high per capita
Gross Domestic Product (GDP) of $15,176, Botswana
also fared well in terms of governance, education
and personal freedom. As the country spends 8% of
its GDP on education, it is among the biggest
proportional spenders in the world according to
the World Bank. This is the third year in a row
that Botswana has topped the index.

In contrast, the Central African Republic was the
lowest ranked country on the continent. The
country, which has a per capita GDP of $584, has
seen increasing violence since the end of 2012,
and only 21.5% of the population have access to
sanitation according to the prosperity index.

Biggest gainers

Rwanda was the best improver, gaining five ranking
places to end up as the eighth most prosperous
country in Africa. The country was found to have
the sixth highest ranking in regulation and
government effectiveness, the eighth highest score
in rule of law and the lowest perceptions of
corruption in Africa.

"Rwanda deserves credit for actively encouraging
women to play a central role in shaping the future
of their country. And it seems to be paying
dividends," says the report.

These findings backed trends across the continent,
where 41% of women are out of work, as opposed to
23% of men.

"We cannot talk about the prosperity of women in
Africa if we don't change the inappropriate
policies that hinder their progress," argues
Marieme Jamme, a Davos Young Global leader and CEO
of SpotOne Global Solutions. "We cannot sugar coat
the issues of funding, mentoring, gender equality,
recognition and representation and expect women to
come winners within the current framework and
plans we have in Africa."

Senegal ranked as the continent's 10th most
prosperous nation up nine places since 2012.

Burkina Faso ranks ninth in the report, having
risen by five places since 2012.
The sixth most prosperous nation in Africa is
Algeria. The country, where 93% of respondents
have a cell phone, topped the economy index.

Tunisia was the fifth most prosperous African
nation in 2014. The country ranks first in the
health sub-index and citizens have a life
expectancy of 75 years -- 17 years higher than the
African average.

Namibia ranked fourth in the report while Morocco
was adjudged the third most prosperous nation in
Africa for 2014.

South Africa ranked as the second most prosperous
country in Africa; with nearly 40% of people
surveyed saying it's a good time to find a job.

Other notable gainers since 2012 included
countries from East Africa -- while neither Kenya
nor Mozambique featured in the top 10 most
prosperous countries in Africa, they both rose by
four places in the rankings since 2012.

As over 44% of Kenyans thought it was a good time
to find employment, the country ranked ninth in
terms of entrepreneurship and opportunity. But
following the 2013 siege in Nairobi's Westgate
Mall, the country ranked 32 of 38 in terms of
safety and security.

Falling down the ranks
Regional partner Tanzania, by contrast, fell eight
places since 2012 going from 11th to 19th in the
latest rankings. A drop in five-year average
growth and an increase in inflation were coupled
with a decline in confidence in financial
institutions and falling satisfaction with living
standards.

The country fared particularly badly in terms of
personal freedom, where it fell from 24th to
28th.

While Tanzania's education score rose by one place
in the rankings, the report argues that Tanzania
needs to improve the quality of education in
schools rather than focusing on enrolment rates.

"Tanzanian education is not producing graduates
with the skills needed to work in the formal
sector," the report says. "The lack of an
adequately skilled workforce is a hindrance to
investment in sectors such as manufacturing,
construction, mining, agriculture, finance, and
communications...Tanzania needs education that
improves students' chances of finding
employment."

The biggest faller was Malawi, which dropped 11
places since 2012 to 20th in the index. The report
cites a drop in the five-year GDP growth rate as
part of the reason the country fell by 18 places
in the Economy sub-index.

In all, average prosperity in Africa has been on
the up since 2012. In the past two years all
countries have seen increases in at least one area
tracked by the report.

But Nathan Gamester, program director of the
Prosperity Index, added a cautious note to the
findings: "As African economies grow, a chief
concern for many governments is how to ensure that
the fruits of growth benefit a majority of the
population and contribute to true long term
prosperity."

Source - Starrfmonline

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