Ghana has dropped eleven places in the latest global competitiveness report (2013-2014) by the world economic forum.
The report seeks to assess the competitive landscape of 148 countries, providing insight into the drivers of their productivity and prosperity. Ghana now ranks 114th out of 148 countries.
The ranking is based on 12 pillars namely, 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
Under the category “institutions”, Ghana’s ratings improved from 75th to 70th out of 144 countries. Ghana was rated 107th in Irregular Payments and Bribes- dropping from 115th rated last year.
Strength of Investor Protection dropped marginally from 39th to 41st this year, but is still rated best by the world economic forum (WEF).
Under the infrastructure Subcategory, Ghana ranked 109th. Availability of Fixed telephone lines continued to rate the worst, ranking 128th.
Under the Macroeconomic subcategory, the much talked about budget deficit took the place of inflation as the worst rated.
Ghana placed last but one globally, ranking 147th a fall from 98th in the previous year.
Gross national savings worsened from 92nd position to 140th. Inflation also worsened from 118th to 128th this year.
Ghana was ranked 122nd in the Health and Primary education category. The business impact of Malaria rated the worst in this subcategory. The nation ranked 134th globally.
Trade tariffs and duty was the worst performing in the category “Good market Efficiency”. Ghana ranked 110th out of 148 countries.
This was followed by the Burden of Customs procedures which dropped from 115th to 109th.
The labour market efficiency saw Ghana record an impressive ranking in the women in labour force. We ranked 11th globally. Reduncy cost however remained on the high as Ghana’s position worsened from 135th to 139th.
The report indicated an improvement in the financial market. Availability of venture capital funding saw an impressive leap from 116th to 67th.
Ranking for Innovation subsector improved from 95th to 64th this year.
Access to finance continued to be the most problematic factor affecting business in Ghana. Taxes took the place of corruption, placing number two, and poor work ethic in national labour was rated third.
Below is the full list factors for doing business
1. Access to financing
2. Tax rates
3. Poor work ethic in national labor force
4. Inefficient government bureaucracy
5. Corruption
6. Inflation
7. Foreign currency regulations
8. Inadequate supply of infrastructure
9. Policy instability
10. Tax regulations
11. Restrictive labor regulations
12. Crime and theft
13. Inadequately educated workforce
14. Insufficient capacity to innovate
15. Poor public health
16. Government instability/coups
Source: World Economic Forum
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