The business community's confidence in the economy's ability to support their operations this year has dropped. A latest business confidence report released in Accra last week shows that the confidence level has dropped from 61 per cent in July/August 2007 to 49 per cent this year. This was contained in the new Ghana Business Leaders Confidence Index survey report undertaken by renowned research, and market information firm, Steadman Group recently acquired by Synovate between July and August this year. The report shows that the confidence level in the economy has dipped consistently from 66 percent in July/August 2005 when the survey was first done to 49 per cent in the same period, this year even as most world economies show a sign of recovery from the recent global economic meltdown. Among the various sectors in the economy, the mining and exploration sector expressed more confidence in the economy than any other sector due particularly to country's oil find while the financial sector showed less confidence in the economy. The Business Leaders Confidence Index survey, which was conducted simultaneously in five other African countries collected information on business leaders' perceptions towards the economy and their sectors specifically. And only Tanzania out of the other Africa countries including Zambia, Uganda, Kenya, and Nigeria where the Business Leaders Confidence Index survey took place had a higher - 52 per cent- business confidence level than Ghana. Nevertheless, the survey ranked Ghana the highest among the five countries to attract Foreign Direct Investment as the survey respondents think Ghana has a conducive political atmosphere for doing business. In Ghana, only 70 respondents out of the about 200 questionnaires sent to Managing Directors, Chief Executive Officers and Directors of leading companies on the Ghana Club 100 and outside the GC 100 list participated in the survey. But the Business Development Manager of Steadman Group, Seyram Mankra said: "the number of respondents is large enough to give a true reflection of the economy and no one can discard the findings." He said at the time the survey was undertaken a couple of months ago, most businesses representing 74 per cent of the respondents thought the economic condition at the time was worse compared to what they felt at the beginning of the year, while 18 per cent thought otherwise. "However, when they were asked how they expect the Ghana economy to perform when the year ends, 69 per cent responded that the economy would do better while 20 per cent thought it will be the same with the remaining respondents expecting the worse," he added. At the last Bank of Ghana Monetary Policy Meeting in September, the then Governor, Paul Acquah failed to comment on the confidence level in the economy; which was a deviation from what the Bank had been doing in its previous meetings. Source: B&FT