The rankings measure how countries are achieving long-term value creation for their people, using indicators such as economic performance, and government efficiency

Ghana and Nigeria are the two latest African countries to be included in the 2024 IMD World Competitiveness Ranking, ranking behind each other for the 65th and 64th positions respectively.

The IMD World Competitiveness Ranking (WCR), an annual report and worldwide reference point on the competitiveness of economies worldwide, was released late last month.

The report illustrates actionable data analysis on economies, based on indicators such as economic performance, government efficiency, and infrastructure, to determine how countries are achieving long-term value creation for their people.

"It serves as a benchmark for these countries to measure their progress and identify areas for improvement, offering a clear path towards their economic development but also supporting global goals such as the SDGs," said Arturo Bris, the director of the IMD World Competitive Center.

The 2024 edition covers 67 global economies, as three new economies were added: "Ghana, Nigeria, and Puerto Rico."

Previously, only two African countries (South Africa and Botswana) had been represented in the rankings. The inclusion of Ghana and Nigeria now is being celebrated as an ascension in the representation of African economies on the global competitiveness stage.

"The inclusion of the two African economies in this year's ranking is underpinned by ILO's ongoing collaboration with the African Union (AU) and PAPA, aimed at supporting the implementation of the Abidjan Declaration," the International Labour Organisation said in a statement on June 29, 2024.

It said further that joining the IMD World Competitiveness Ranking serves as an important motivator for countries, offering an opportunity for capacity building on productivity statistics and measurement.

For its debut, Ghana is ranked at the bottom, trailing behind Nigeria. For major indicators such as economic performance, government efficiency, business efficiency, and infrastructure, the country ranked 65th, 59th, 56th, and 65th respectively.

Globally, Singapore is the most competitive economy out of 67 across the world's eight major regions, followed by Switzerland and Denmark, the report said.