Joseph Chognuru(4th left) with some executives of the Ranking Agency
According to the 2014 MasterCard African Cities Growth Index, Accra, the capital city of Ghana, has the highest potential for inclusive growth in Africa.
This is the second consecutive year that Accra has emerged the best city in the index, beating Tunis, Tunisia, Casablanca, Morocco and Lagos, Nigeria, among others.
The MasterCard African Cities Growth Index (ACGI) maps the future success of Africa from the perspective of inclusive versus exclusive urbanization.
Professor George Angelopulo, co-author of ACGI said, Accra is not Africa’s most populous or richest in terms of per capita Gross Domestic Product, but has made progress towards inclusive urbanization.
He said although Ghana faces macroeconomic challenges, the country has held four successful elections following a peaceful transition of power in 2000.
‘The findings of the ACGI therefore affirm the importance of advancing and protecting individual freedom and rights to ensure ongoing economic development,’ Prof. Angelopulo said.
Dr. Yuwa Herick-Wong, Chief Economist at the MasterCard Center for Inclusive Growth said, ‘Inclusive growth occurs when the benefits of an expanding economy are widely shared with the population.
‘We believe that inclusive urbanization is a prerequisite for inclusive growth, and so the ACGI is a lens through which African cities can be assessed as future investment destinations.’
Joseph Chognuru, Director, Financial Sector Division of the Ministry of Finance, who received the award on behalf of the Ghana government, said the findings show that the country has a brighter future and ‘we have to work towards that.’
He admitted that the country was facing some economic challenges, which needed urgent attention.
However, he said government was working hard to improve the country’s economy.
‘The road to success is not smooth. There will be challenges but we will surely make headway. The ranking urges us on to continue to work hard and to make very bold policies,’ Chognuru said.
By Cephas Larbi
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