The World Economic Forums annual Global Competitiveness Report(GCI) 2017 has named the West African country, Ghana as the 16th best-performing African nation.

The report seeks to assess the competitive landscape of 138 countries, providing insight into the drivers of their productivity and prosperity.

Out of the 138 countries ranked on the global scale Ghana ranks at 114th position.

The global ranking has seen Ghana drop five places  from the 119th position in 2015/2016 Global Competitiveness Report by the World Economic Forum.

READ ALSO: Ghana named fourth best place to invest in Africa

Switzerland's economy beat Singapore and the US for top billing in the annual World Economic Forum (WEF) Global Competitiveness Report.

This is the nineteenth consecutive year that Switzerland has claimed the top spot.

European countries continue to dominate the top 10.

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The GCI score of an economy is calculated using 12 factors, including these four core requirements

Access to finance continued to be the most problematic factor affecting business in Ghana. Corruption placed number two, and taxation was rated third.

Mauritius, South Africa and Rwanda come out on top of the best-performing African nations.

Mozambique, Sierra Leone and Mauritania, Chad and Burundi rank the least competitive countries on the global report.