Sierra Leone Ranks Among 43 Countries With Worst Economic Index Score

Sierra Leone Ranks Among 43 Countries With Worst Economic Index Score
Sierra Leone Ranks Among 43 Countries With Worst Economic Index Score

Africa-Press – Sierra-Leone. Sierra Leone is among 43 African countries that have some of the worst economic freedom scorecards in the world, according to a report by Business Insider Africa.

Sierra Leone is ranked 33 with a score 52.0% index score among African countries surveyed.

According to the 2022 Economic Freedom Index report by The Heritage Foundation, Mauritius is the only African country with the “most free economy”.

Seven other countries on the continent have “moderately free” economies, while the remaining ones are “mostly unfree” and “repressed”.

Of all the 184 countries that were surveyed for the 2022 Economic Freedom Index report, only eight in Africa have “mostly free” and “moderately free” economies. The rest either have “mostly unfree” or completely “repressed” economies.

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

1. Singapore

2. Switzerland

3. Ireland

4. New Zealand

5. Luxemburg

6. Taiwan

7. Estonia.

What is economic freedom?

The report defined economic freedom as “the fundamental right of every human to control his or her own labour and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labour, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty 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. Government integrity 3. Judicial effectiveness 4. Government spending 5. Tax burden 6. Fiscal health 7. Business freedom 8. Labour freedom 9. Monetary freedom 10. Trade freedom 11. Investment freedom and 12. Financial freedom

Do note that the 12 factors are also broadly categorised under Rule of Law, Government Size, Regulatory Efficiency and Open Markets.

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

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

1. Mauritius: 70.9 index score

2. Cabo Verde: 66.7 index score

3. Botswana; 64.8 index score

4. Ivory Coast: 61.6 index score

5. Seychelles: 61.1 index score

6. Benin Republic: 61.0 index score

7. Sao Tome & Principe: 60.3 index score

8. Senegal: 60.0 index score

9. These 27 African countries have mostly “unfree economies”

10. Ghana: 59.8 index score

11. Tanzania: 59.5 index score

12. Namibia: 59.2 index score

13. Morocco: 59.2 index score

14. Madagascar: 58.9 index score.

15. Burkina Faso: 58.3 index score

16. The Gambia: 58.0 index score

17. Togo: 57.2 index score

18. Rwanda: 57.1 index score

19. South Africa: 56.2 index score

20. Mali: 55.9 index score

21. Gabon: 55.8 index score

22. Mauritania: 55.3 index score

23. Djibouti: 55.3 index score

24. Niger: 54.9 index score

25. Nigeria: 54.4 index score

26. Uganda: 54.2 index score

27. Tunisia: 54.2 index score

28. Guinea: 54.2 index score

29. Malawi: 53.0 index score

30. Cameroon: 52.9 index score

31. Kenya: 52.6 index score

32. Angola: 52.6 index score

33. Sierra Leone: 52.0 index score

34. Eswatini: 51.4 index score

35. Mozambique: 51.3 index score

36. Comoros Island: 50.4 index score.

These 16 African economies have “repressed economies”

1. Chad: 49.8 index score

2. Ethiopia: 49.6 index score

3. Egypt: 49.1 index score

4. Zambia: 48.7 index score

5. Republic of Congo: 48.5 index score

6. Lesotho: 48.1 index score

7. Liberia: 47.9 index score

8. Democratic Republic of Congo: 47.6 index score

9. Equatorial Guinea: 47.2 index score

10. Guinea Bissau: 46.0 index score

11. Algeria: 45.8 index score

12. Central African Republic: 45.7 index score

13. Eritrea: 39.7 index score

14. Burundi: 39.4 index score

15. Zimbabwe: 33.1 index score

16. Sudan: 32.0 index score

It should be noted that Libya and Somalia were not captured in the survey.

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