Ghana went down from 106 in 2018 to 111 in 2019.
Ghana goes down 5 places in new Global Competitiveness Rankings
The Swiss-based World Economic Forum has released the 2019 Global Competitiveness Rankings.
The report showed that Ghana went down from 106 in 2018 to 111 in 2019.
In 2018, Ghana scored 51.3 out of 100 and ranked 106 out of 140. Meanwhile, in 2019, the country ranked 111 out of 141 countries ranked with a score of 51.2.
The ranking was based on 12 indicators. Ghana performed best under institutions, where the country was ranked 69 out of 141 countries with a score of 54.4 over 100.
However, Ghana performed poorly in macroeconomic stability. It was ranked 132 out of 141 countries with a score of 59.5
Even though Ghana went down in ranking, it might not necessarily mean that it performed poorly considering that Ghana just went down by 0.1%. this could be attributed to other countries moving up strongly in terms of the rankings.
How did other African countries perform?
The first African country on the ranking is Mauritius (52nd). Meanwhile, sub-Saharan Africa is overall the least competitive region, with 25 of the 34 economies assessed this year scoring below 50.
South Africa ranked second. This was the most competitive in the region, improves to the 60th position, while Namibia (94th), Rwanda (100th), Uganda (115th) and Guinea (122nd) all improve significantly.
What is the Global Competitive ranking?
The World Economic Forum has been measuring the competitiveness of countries since 1979.
The ranking is defined as a set of institutions, policies, and factors that determines the level of productivity of a country.
It is an aggregation of 103 individual indicators, derived from a combination of data from international organizations as well as from the World Economic Forum’s Executive Opinion Survey.
The indicators are divided into 12 ‘pillars. These are Institutions; Infrastructure; ICT adoption; Macroeconomic stability; Health; Skills; Product market; Labour market; Financial system; Market size; Business dynamism; and Innovation capability.
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