The Eastern Region has emerged as the region with the most economic freedom for entrepreneurs to strive according to the maiden edition of the Regional Entrepreneurship Freedom (REF) Index report.
The region recorded an overall scored of 6.36, out of a score of 10, and is considered as the ‘moderately free'. This means that the private sector in the region enjoys some level of freedom across most indicators, however, each indicator is not fully enjoyed.
The report relies on 10 indicators for the entrepreneurship freedom ranking. These are trade, freedom from corruption, freedom from government, fiscal, monetary, investment, labour, property rights, regulation and financial freedom.
Ashanti region was ranked second with a score of 5.50, followed by North East 5.25 and Upper West 5.24. The three regions were considered as ‘mostly unfree’ meaning that the ecosystem has some level of freedom but there is much government intervention preventing it from enjoying it fully.
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Greater Accra, the regional capital, was ranked 10th with a score of 3.84 and was considered ‘repressed’ which implies that there may be no freedom at all and where there is freedom, it is so minimal that entrepreneurs cannot act independently and freely. Oti region recorded the least score of 2.30 and also fell under the repressed category.
Presenting the report, Kwesi Ansah, the co- founder of ACEYE the institution responsible for the putting the REF Index report together, said the absence of economic growth means hardship and poverty
All the factors are actors which interrelate and shape themselves. Free association must be allowed,” he noted.
He explained that this report is a first of a kind, which is on the regional level and focuses on entrepreneurship with a unique methodology. A total of 3,200 respondents participated in the survey. Additionally, 16 entrepreneurs were interviewed.
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