Ghana has once again fallen on the global innovation index. The country?s innovation status ranking slumped two places down to 94th in the 2013 edition of the index released by the World Intellectual Property Organisation (WIPO) this month July.
The country placed 92nd and 70th in the 2012 and 2011 editions respectively.
According to the 2013 index which conducted innovation studies among 142 countries globally, Ghana made a score of 30.6 out of 100.
In sub-Sahara Africa, Ghana moved up from 6th in 2012 to 5th this year.
Ghana?s innovation output had a score of 27.3 ranking 95th while input was ranked 99th with a score of 33.9.
Globally, the United States rejoined the five most-innovative nations and the United Kingdom moved up to the third spot while Switzerland retained its first place in the rankings.
The GII 2013 looked at 142 economies around the world, using 84 indicators including the quality of top universities, availability of microfinance, venture capital deals ? gauging both innovation capabilities and measurable results.
This year?s GII report casts additional light on the local dynamics of innovation, an area which has remained under-measured globally. It shows the emergence of original innovation eco-systems, and signals a needed shift from a usual tendency to try and duplicate previously successful initiatives.
According to WIPO, despite the global economic crisis, innovation during the year was alive and well. It explains that research and development spending levels have surpassed 2008 levels in most countries as successful local hubs are thriving.
?Dynamic innovation hubs are multiplying around the world despite the difficult state of the global economy. These hubs leverage local advantages with a global outlook on markets and talent,? said WIPO Director General, Francis Gurry.
Mr Gurry noted ?For national-level policy makers seeking to support innovation, realizing the full potential of innovation in their own backyards is often a more promising approach than trying to emulate successful innovation models elsewhere.?
Published annually since 2007, the GII has become a benchmarking tool for business executives, policy makers and others seeking insight into the state of innovation around the world.
By Ekow Quandzie/ghanabusinessnews.com