Ghana has been ranked 3rd in West Africa and 7th in Sub-Saharan Africa for the 2023 Global Innovation Index (GII).

The GII, published by the World Intellectual Property Organisation (WIPO), is a prestigious ranking that evaluates and assesses the innovation ecosystem performance of 132 economies worldwide, tracking the latest global innovation trends.

Despite the backdrop of global uncertainty due to factors like slow economic recovery from the COVID-19 pandemic, high-interest rates, and geopolitical conflicts, the GII 2023 report sheds light on the promise of the Digital Age and Deep Science innovation waves, underlining the remarkable technological progress witnessed in the current landscape.

Ghana's ascent to the 99th position globally signifies a promising trend, placing it among the top 100 countries for innovation. In Sub-Saharan Africa, only Mauritius (57th) and South Africa (59th) have secured positions within the top 60, with South Africa climbing two ranks since the previous year.

Six other countries from the region have also earned spots within the top 100, including Botswana (85th), Cabo Verde (91st) – making a remarkable comeback to the GII in 2023 – Senegal (93rd), Namibia (96th), and Kenya (100th).

Furthermore, nine of the region's economies have witnessed improvements in their GII rankings, with South Africa, Senegal, Rwanda (103rd), Togo (114th), and Mauritania (127th) making significant strides.

Botswana (85th) continues to outpace others in the region, gaining one rank and securing the 2nd position within Sub-Saharan Africa.

South Africa's two-rank improvement has propelled it into the top 60, joined by Madagascar (107th) and Burundi (130th) as innovation overachievers this year.

Notable progress has also been made by Nigeria (109th), Togo (114th), Benin (120th), and Guinea (128th).

Mauritius leads the region in various categories, including Institutions (26th), Human capital and research (64th), Market sophistication (24th), and Creative outputs (57th).

It also stands out globally, taking the top position in Venture capital investors and ranking 5th in Venture capital received.

Cabo Verde excels in Infrastructure (64th) and performs well in Gross capital formation (3rd), Expenditure on education (13th), and FDI inflows (17th). Botswana, on the other hand, leads in Business sophistication (56th) and performs admirably in Loans from microfinance institutions (12th).

South Africa's strength lies in Knowledge and technology outputs (56th), thanks to its commendable performance in Software spending (28th), Patents by origin (34th), PCT patents (40th), and the valuation of its two unicorn companies – Promasidor Holdings (consumer and retail) and Cell C (mobile and telecommunications), ranking 37th globally.

Senegal is the standout success story in the region, having climbed six ranks this year and particularly excelling in Knowledge and technology outputs (63rd).

The country stands atop the world in the valuation of its unicorn company, Wave (fintech), sharing this distinction with high-income economies like Estonia, Israel, Lithuania, and the United States.

Senegal also performs remarkably well in Gross capital formation (8th), Loans from microfinance institutions (10th), FDI inflows (13th), and Venture capital received (19th).

On a global scale, Switzerland maintains its dominance in the GII for the 13th consecutive year. Sweden secures the 2nd position, followed by the United States in 3rd place, with the United Kingdom (4th) and Singapore (5th) rounding out the top five.

Finland is making strides, moving closer to the top 5, while other Nordic and Baltic economies are on an upward trajectory. China, a middle-income economy, holds the 12th position, with Japan at 13th. Israel has entered the top 15, ranking 14th.

Notably, several middle-income economies have made significant advancements within the GII rankings over the last decade, including Indonesia (61st), China, Türkiye (39th), India (40th), Viet Nam (46th), the Philippines (56th), and the Islamic Republic of Iran (62nd). This group has seen the fastest climb in the GII rankings over the past decade.

Outside the top 65 but within the top 100, several middle- and low-income countries have made substantial progress, advancing by more than 20 ranks in the last decade.

These include Morocco (70th), Uzbekistan (82nd), Egypt (86th), and Pakistan (88th).

Over the past four years, Mauritius (57th), Indonesia, Saudi Arabia, Brazil, and Pakistan have exhibited the most remarkable rank progression, showcasing their commitment to fostering innovation.