Ghana has made an impressive showing in the latest Global Competitiveness Index for 2012/2013.
The report put together by the World Economic Forum ranked Ghana 103 out of 144 countries in the world.
This remarkable achievement was realized following improvements in the country’s Basic Requirements of its macroeconomic stability, health and educational outcomes.
The rankings uses twelve pillars which are divided into three main sub-indexes to measure countries’ competitiveness.These are: Basic Requirements(comprising institutions; infrastructure; macroeconomic stability; health and primary education), Efficiency Enhancers(which includes higher education and training; goods market efficiency;financial market sophistication; technological readiness; market size) and Innovation & Sophistication Factors(consist of business sophistication; innovation).
Ghana displayed a strong public institutions and governance indicators (compared to other Africa countries).
According the 2012-2013 GCI report, some aspects of the country’s infrastructure are good by regional standards, particularly the state of Ghana’s ports.
The country’s Financial Market was also seen to be well-developed making a respectable 59thin the rankings.
However, education levels continue to lag behind international standards at all levels, whilst the country’s labour market is still characterized by inefficiencies.
Also, Ghana is still not harnessing new technologies for productivity enhancements as ICT adoption rates are very low.