Standard Bank Africa Trade Barometer: Tanzania leaps ahead in trade attractiveness rankings, while Ghana exits top 3
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GUEST – Philip Myburgh, Group Head of Trade at Standard Bank Business and Commercial Banking
Tanzania is now ranked 4th highest in terms of overall attractiveness for trade in Africa. Its leap in the rankings was boosted by the country’s substantial investments in infrastructure and better access to finance, enabling businesses to engage more actively in cross-border trade.
On the downside, Ghana experienced a sharp decline, moving from the 3rd position to the 7th spot, underscoring the pressures that economy continues to endure. Its sharp decline also raises concerns about its ability to maintain trade competitiveness, even as Ghana is one of the most stable and democratic countries in West Africa. Its decline in the trade rankings is mainly due to a worsening macroeconomic environment and falling trade confidence. As economic volatility intensified in Ghana, its ability to facilitate seamless trade came under strain, making it harder for businesses to access foreign currency, most notably USD, that is required to pay for imports and thus engage in cross-border activities especially for Small and Medium-sized Enterprises, which this barometer favours.
Tanzania is now ranked 4th highest in terms of overall attractiveness for trade in Africa. Its leap in the rankings was boosted by the country’s substantial investments in infrastructure and better access to finance, enabling businesses to engage more actively in cross-border trade.
On the downside, Ghana experienced a sharp decline, moving from the 3rd position to the 7th spot, underscoring the pressures that economy continues to endure. Its sharp decline also raises concerns about its ability to maintain trade competitiveness, even as Ghana is one of the most stable and democratic countries in West Africa. Its decline in the trade rankings is mainly due to a worsening macroeconomic environment and falling trade confidence. As economic volatility intensified in Ghana, its ability to facilitate seamless trade came under strain, making it harder for businesses to access foreign currency, most notably USD, that is required to pay for imports and thus engage in cross-border activities especially for Small and Medium-sized Enterprises, which this barometer favours.