Ghana has gone up by five places to 114 in the latest Global Competitiveness Index. The report is an annual assessment of the factors driving productivity and prosperity in 138 countries. 

It looks at the degree to which economies are open to international trade in goods and services is directly linked to both economic growth and a nation’s innovative potential.

The ranking which is based on perception data from the Global Competitiveness Index (GCI)’s Executive Opinion Survey, is gradual. Ghana went up by from 119 to 114 in The Global Competitiveness Report 2016-2017.

The significant jump in Ghana's rankings was influenced by the progress made in the area of primary education and health, goods market efficiency, and labour market efficiency. 

However, the report identified access to finance as one of the major factors affecting the country's competitiveness.

Global Competitiveness Index scores are calculated by drawing together country-level data covering 12 categories – the pillars of competitiveness – that collectively make up a comprehensive picture of a country’s 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 on the macroeconomic environment.

Ghana was ranked 132 out of 138 countries reviewed in the Index. On the African continent, Rwanda came up as the most improved nation, rising by 6 places to 52.

It is closing in on the region’s traditionally most competitive economies, Mauritius and South Africa, although both these countries register more modest improvements, climbing to 45 and 47 respectively.

Lower down the ranking, Kenya climbs to 96, Ethiopia holds steady at 109 while Nigeria slips three to 127.

Click here for Ghana's performance in the Global Competitiveness index

Click here to view the Global Competitiveness Index