Skip to main content

Ghana ranked 111th in global competitiveness index

Ghana has been ranked 111th in this year’s Global Competitiveness Index published by the World Economic Forum (WEF).

Ghana ranked 103rd last year.

According to the World Economic Forum, Ghana jumps to 111th this year largely as a result of slight improvements in its macroeconomic indicators, a reversal of last year’s trend; but adds fiscal vulnerabilities still persist.

Government’s deficit stood at 10.8 percent of GDP in 2013, more than twice of that of two years ago; its debt remains over 60 percent and inflation is over 15 percent.

On the country’s strength, it says public institutions are characterized by relatively high government efficiency and strong property rights.

Though it adds that the country’s financial and goods markets are relatively well developed, it believes that Ghana must do much more to develop and deploy talent in the country.

According to WEF, Ghana’s education levels continue to trail international standards at all levels, with labor markets characterized by inefficiencies.

It adds that Ghana is not sufficiently harnessing new technologies for productivity enhancement with ICT adoption rates continuously at very low levels.

It expresses concern about the country’s security situation, which ranked 111th.

The Global Competitiveness Report assesses the competitiveness landscape of 144 economies, providing insight into the drivers of their productivity and prosperity.

Nigeria ranked 127th, Ivory Coast 115th while South Africa placed 56th.

Switzerland tops the chart, followed by Singapore, the USA, Finland and Germany.

Other countries in the top ten ranking are Japan, Hong Kong, the Netherlands, the UK and Sweden.

The report series remains the most comprehensive assessment of national competitiveness worldwide. The Global Competitiveness Report’s competitiveness ranking is based on the Global Competitiveness Index (GCI), which was introduced by the World Economic Forum in 2004.

Defining competitiveness as the set of institutions, policies and factors that determine the level of productivity of a country , GCI 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.


Credit:citifmonline

Comments

Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…