Ghana ranked 64 in World Bank Doing Business report

Ghana dropped one place in the latest World Bank Doing Business Report 2013 ranking to place 64 out of 185 countries.

Out of the 10 areas of business regulation surveyed, Ghana improved in only three-Getting Electricity, Resolving Insolvency and Getting Credit categories.

Ghana however made significant progress in Getting Credit where it improved 15 places to reach 23rd. The country placed 5th on the African continent behind Botswana, Rwanda, South Africa and Mauritius.

It dropped eight places to the 112th position in the Starting a Business category.

It takes 12 days for one to start a business in Ghana and the cost is 18.5 percent of income per capita, according to the report. Another area where the nation dropped three places to the 49th position was the Protecting Investors category.

Titled “Smarter Regulations for Small and Medium-Size Enterprises,” the Doing Business 2013 assesses regulations affecting domestic firms in the selected economies and ranks them in ten areas of business regulation.

This year’s report data covers regulations measured from June 2011 through May 2012.

Singapore topped the global ranking on the ease of doing business for the seventh consecutive year, followed by Hong Kong SAR, China, New Zealand, the United States and Denmark.