Ghana has been ranked 119th in the 2015/2016 Global Competitiveness Index released Wednesday.
The country has gone down by eight places in the latest Global Competiveness report. Ghana went down from 111 to 119, out of 140 countries assessed in the report.
The report shows the country’s decline was influenced by some challenges with its macroeconomic environment, and infrastructure.
Based on the Global Index (GI) score of 1 to 7, Ghana scored 3.6. Countries that are closer the 7 are considered better.
On the African continent, Ghana was ranked 17 out of the 32 countries that were assessed in the report.
Mauritius remains the region’s most competitive economy (46th), closely followed by South Africa (49th) and Rwanda (58th).
Côte d’Ivoire (91st) and Ethiopia (109th) are this year’s largest improvers in the region overall.
On institutions Ghana was ranked 72 out of 140 countries. Infrastructure - 72; Macroeconomic environment - 136; Health and primary education - 118; Higher education and training - 104; Goods market efficiency - 87; Labour market efficiency - 94; Financial market development - 76; Technological readiness - 96; Market size - 74.
The Global Competitiveness ranking is based on the Global Competitiveness Index (GCI), which was introduced by the World Economic Forum in 2004.
Defining competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country, GCI scores are calculated by drawing together country-level data covering 12 categories – the pillars of competitiveness – that collectively make up a comprehensive picture of a country’s competitiveness.
The 12 pillars are: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.
Credit: joy Fm