Sectors & markets

Ghana gains 3 places from 2016 to 2017 on the Global Competitiveness Index

As reported in the The Global Competitiveness Report 2017-2018, Ghana is on a continuous progressive path, after the country gained 5 places on the Global Competitiveness Index from 2015 to 2016, and 3 places from 2016 to 2017, standing at the 111th position, in front of the regional largest GDP, Nigeria (125th) .

The Global Competitiveness Report presents the results of the Global Competitiveness Index which offers impartial information that allows leaders from the public and private sectors to better understand the main drivers of growth. The 2017-2018 edition of the Report assesses the competitive landscape of 137 economies among which Ghana stands as the second most competitive economy of West Africa.

The Report comes out at a time when the global economy has started to show signs of recovery and yet policymakers and business leaders are concerned about the prospects for future economic growth. Governments, businesses, and individuals are experiencing high levels of uncertainty as technology and geopolitical forces reshape the economic and political order that has underpinned international relations and economic policy for the past 25 years. At the same time, the perception that current economic approaches do not serve people and societies well enough is gaining ground, prompting calls for new models of human-centric economic progress.

In sub-Saharan Africa, competitiveness has not changed significantly over the past decade. In general, restoring macroeconomic stability and institutional trust are short-term priorities to reignite competitiveness and growth in Africa. In the long run, continued investment in infrastructure, human capital, and technological adoption will be needed to reduce productivity gaps.

As the challenges facing economies around the globe are varied, the Global Competitiveness Report 2017-2018 advises that agendas to improve competitiveness need to be defined locally. In sub-Saharan Africa, public-private collaboration must also explore regional factors: multinational corporations can engage with several jurisdictions, while regional organizations, such as trade blocs, are able to coordinate countries.

To see the Global Competitiveness Index, click here. To download the Global Competitiveness Report 2017-2018, click here.