43 African Countries With Worst Economic Freedom Index Scores

0

The 2022 Economic Freedom Index report, which is the 28th edition, was compiled by the Washington DC-based company Heritage Foundation. He revealed that only these seven countries have the freest economies in the world:

  1. Singapore
  2. Swiss
  3. Ireland
  4. New Zealand
  5. Luxemburg
  6. Taiwan
  7. Estonia.

What is economic freedom?

The report defines economic freedom as “the fundamental right of every human being to control their own work and property. In an economically free society, individuals are free to work, produce, consume and invest as they see fit. In economically free societies , governments allow labor, capital and goods to move freely and refrain from any coercion or constraint of freedom beyond the extent necessary to protect and maintain freedom itself.”

How does the survey measure economic freedom?

Business Insider Africa understands that economic freedom is measured by considering these 12 quantitative and qualitative factors:

  1. Property rights
  2. Integrity of government
  3. Judicial efficiency
  4. government spending
  5. Tax burden
  6. Financial health
  7. Business freedom
  8. Freedom to work
  9. Monetary freedom
  10. commercial freedom
  11. Freedom of investment and
  12. financial freedom

Note that the 12 factors are also broadly categorized under rule of law, size of government, regulatory effectiveness, and open markets.

Each of the indices is scored on a scale of 0 to 100, and “A country’s overall score is obtained by averaging these twelve economic freedoms, with equal weight given to each,” says the report.

Interestingly, of the 184 countries surveyed, only one in Africa is ranked among the world’s “mostly free” economies, while seven others are ranked as “moderately free” economies. These countries are:

  1. Mauritius: index of 70.9
  2. Cabo Verde: index of 66.7
  3. Botswana; index of 64.8
  4. Ivory Coast: index of 61.6
  5. Seychelles: index of 61.1
  6. Republic of Benin: index of 61.0
  7. Sao Tome and Principe: index of 60.3
  8. Senegal: index 60.0

These 27 African countries mostly have “unfree economies”

  1. Ghana: index of 59.8
  2. Tanzania: index of 59.5
  3. Namibia: index of 59.2
  4. Morocco: index of 59.2
  5. Madagascar: index of 58.9.
  6. Burkina Faso: index of 58.3
  7. Gambia: index of 58.0
  8. Togo: index 57.2
  9. Rwanda: index of 57.1
  10. South Africa: index of 56.2
  11. Mali: index of 55.9
  12. Gabon: index of 55.8
  13. Mauritania: index of 55.3
  14. Djibouti: index of 55.3
  15. Niger: index of 54.9
  16. Nigeria: index of 54.4
  17. Uganda: index of 54.2
  18. Tunisia: index of 54.2
  19. Guinea: index of 54.2
  20. Malawi: index of 53.0
  21. Cameroon: index 52.9
  22. Kenya: index of 52.6
  23. Angola: index 52.6
  24. Sierra Leone: index of 52.0
  25. Eswatini: index of 51.4
  26. Mozambique: index of 51.3
  27. Comoros: index 50.4.

These 16 African Economies Have ‘Repressed Economies’

  1. Chad: index of 49.8
  2. Ethiopia: index of 49.6
  3. Egypt: index of 49.1
  4. Zambia: index of 48.7
  5. Republic of the Congo: index of 48.5
  6. Lesotho: index of 48.1
  7. Liberia: index of 47.9
  8. Democratic Republic of the Congo: index of 47.6
  9. Equatorial Guinea: index of 47.2
  10. Guinea Bissau: index of 46.0
  11. Algeria: index 45.8
  12. Central African Republic: index of 45.7
  13. Eritrea: index of 39.7
  14. Burundi: index of 39.4
  15. Zimbabwe: index of 33.1
  16. Sudan: index of 32.0

It should be noted that Libya and Somalia were not taken into account in the survey.

Share.

Comments are closed.