According to new data from the newly released 2024 IMD Competitiveness Ranking, Nigeria and Ghana are ranked 64th and 65th respectively. The list covers 67 countries.
Both countries are making their debut on the world rankings for the first time.
The IMD World Competitiveness Ranking was created, in a bid to provide actionable data analysis on economies, regions, and sub-regions according to how they optimize their individual competencies in order to achieve long-term value creation for their people. It provides benchmarking and exposes trends, using both statistics and real-world survey data.
Challenges for Ghana
The rankings list challenges currently facing Ghana
- Unsustainable government debts seeing local currency depreciated against the major international currencies.
- Rising inflation rates increasing cost of living and putting a strain on household income.
- Heavy reliance on imported products and absence of productivity indicators affecting the growth of locally manufactured products.
- High energy-sector cost greatly impeding economy’s competitiveness.
- Lack of decent job opportunities resulting in rising youth unemployment rate.
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