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Ghana improves one step on world’s most innovative economy index

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Ghana has made a slight improvement on the world’s most innovative economy index moving a step ahead from 107th in 2018 to 106th this year, according to the Global Innovation Index (GII) 2019.

According to the release copied to ghanabusinessnews.com, no African country made it in the top 20. The closest is South Africa, positioned at the 63rd position, sliding from the 58th position in 2018.

The GII which is now in its 12th edition,  is a global benchmark that helps policymakers better understand how to stimulate and measure innovative activity, a main driver of economic and social development.

The GII 2019 ranks 129 economies based on 80 indicators, from traditional measurements like research and development investments and international patent and trademark applications to newer indicators including mobile-phone app creation and high-tech exports.

The report indicated that, the world’s most innovative country for 2019 is Switzerland, followed by Sweden, the United States of America, the Netherlands and the United Kingdom.

The Director General of World Intellectual Property Organization (WIPO), Francis Gurry, said, “the GII shows us that countries that prioritize innovation in their policies have seen significant increases in their rankings.”

He added that, “the rise in the GII by economic powerhouses like China and India have transformed the geography of innovation and this reflects deliberate policy action to promote innovation.”

The GII 2019 also looks at the economic context: Despite signs of slowing economic growth, innovation continues to blossom, particularly in Asia, but pressures are looming from trade disruptions and protectionism. Sound government planning for innovation is critical for success, the index shows

The report also identifies regional leaders India, South Africa, Chile, Israel and Singapore, with China, Vietnam and Rwanda topping their income groups.

The top 20 countries in GII 2019 are: Switzerland (1), Sweden (2), United States of America (3), The Netherlands (4), United Kingdom (5), Finland (6), Denmark (7), Singapore (8), Germany (9), Israel (10), Republic of Korea (11), Ireland (12), Hong Kong (China) (13), China (14), Japan (15), France (16), Canada (17), Luxemburg (18), Norway (19), Iceland (20).

For the first time, the GII launch was hosted by the government of India, which uses the GII in creative ways to strengthen its policy framework for innovation at both the national and regional levels.

By Asabea Akonor

Copyright ©2019 by Creative Imaginations Publicity
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