Ghana has gone by three places in the latest Global Competitive Report. The rankings show that Ghana went up from 114 to 111 out of 144 countries assessed in the report.
According to the World Economic Forum, compilers of the report, Ghana’s jump was influenced by improvement in the macroeconomic environment compared to last year and an improved financial market.
For instance when it comes to financial market development, Ghana was ranked 62 out 114 countries in the world.
It was also ranked 11th best country in Africa, when it comes having a conductive environment for doing business, Mauritius came on top as the best in the Africa.
The World Economic Forum noted that Ghana’s made the three-point jump “although fiscal vulnerabilities persist: the government deficit stood at 10.8 percent of GDP in 2013, more than twice that of two years ago; government debt remains over 60 percent; and inflation is over 11 percent.”
The report notes further that “with regard to strengths, public institutions are characterized by relatively high government efficiency (59th) and strong property rights (54th). In addition, the country’s financial and goods markets are also relatively well developed (62nd and 67th, respectively).”
The report said Ghana must do much more to develop and deploy talent in the country.
“Education levels continue to trail international standards at all levels, labor markets are characterized by inefficiencies, and the country is not sufficiently harnessing new technologies for productivity enhancements ICT adoption rates continue to be very low”, it said. For some analysts, the report, should convince foreign investors, that the environment is now a little bit better to do business.
It should also complete other predictions from the IMF and World Bank that economic prospects are bright.
However some analysts are likely to contest the verdict of this report as it does not support the current situation on the ground.
The Global Competitiveness Report 2014-2015 assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.
The Report series remains the most comprehensive assessment of national competitiveness worldwide.