Ghana has been ranked 119th in the 2015/2016 Global Competitiveness Index released Wednesday.

This means Ghana has dropped eight places further after last year’s ranking. The report assesses the competitiveness landscape of 140 economies, providing insight into the drivers of their productivity and prosperity.

The ranking cites access to financing, foreign currency regulations, tax rates and corruption as the most problematic factors for doing business in Ghana.

Switzerland, Denmark and the US were ranked the three most competitive economies while Zimbabwe, Burundi and Chad were ranked the least competitive economies globally.

The report remains the most comprehensive assessment of national competitiveness worldwide.