Ghana has been ranked 111th in this year’s Global Competitiveness Index published by the World Economic Forum (WEF), down from 103rd last year.
The report states that although there are slight improvements in its macroeconomic indicators, fiscal vulnerabilities still persist.
Government’s deficit stood at 10.8 percent of GDP in 2013, more than twice of that of two years ago; and debt remains over 60 percent and inflation is over 15 percent.
Issues presented in its report that need to be addressed include:
- development and deployment of talent in the country
- education levels, which are trailing international standards at all levels
- labour market efficiencies
- harnessing of new technologies for productivity enhancement with ICT adoption rates
- security situation
The Global Competitiveness Report assesses the competitiveness of 144 economies.
Switzerland tops the chart, followed by Singapore, the USA, Finland and Germany. Other countries in the top ten are Japan, Hong Kong, the Netherlands, the UK and Sweden.
The report series remains the most comprehensive assessment of national competitiveness worldwide. The Global Competitiveness Report’s competitiveness ranking is based on the Global Competitiveness Index (GCI), which was introduced by the World Economic Forum in 2004.
GCI scores are calculated by drawing together country-level data across 12 categories – the pillars of 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.