The Industrial and Commercial Workers Union has rubbished a World Bank report that Ghana has dropped twelve points in its latest ease of doing business rankings.

In the World Bank report, Ghana dropped from 108th to 120th position in the 190 economies that were surveyed and placed 12th in the sub-Sahara Africa.

World Bank cited factors such as increase in the cost of doing business, energy challenges, and difficulties to register businesses as factors that caused Ghana’s relapse in the ranking But the ICU has dared the World Bank to roll out and properly explain which economic indicators were used to downgrade Ghana General Secretary of ICU Solomon Kotei, said the restoration of nurses and teachers allowances by the government are among interventions that are “helping this economy”.

“It isn’t that the Ghanaian economy has run into shambles and we don’t have the future of attracting investors.

Look at the rising buildings we are seeing all around, that tells you the confidence of the economy has gone out of our border and people are still coming in and i believe we will see it in the next few years,” he told TV3 Friday.

In ICU’s estimation, the World Bank report should not be taken serious, stating that “For the IMF and the World Bank, well they are very technical and their results have never brought us any joy”.

He argued the government has rolled out numerous interventions such as paperless port transactions to increase revenue from which more than nine million cedis had been accrued as at September.

Meanwhile, the ICU has lauded government’s decision to reduce corporate tax from 25 per cent to 20 per cent.