Urgent reforms needed for lasting economic transformation — World Bank warns Ghana

The World Bank has issued a stark warning that Ghana must urgently implement bold reforms to secure sustainable growth, create jobs, and avoid deepening fiscal pressures.

Launching its 2025 Policy Notes in Accra on Wednesday, September 24, Robert Taliercio, the Bank’s Division Director for Ghana, Sierra Leone, and Liberia, said the report — “Transforming Ghana in a Generation” — provides a roadmap for broad-based growth, resilience, and shared prosperity.

Ghana has previously made remarkable progress, cutting poverty in half between 1991 and 2016 and recording average growth of 6.8 percent between 2009 and 2019. But momentum has stalled in recent years, worsened by a severe 2022 economic crisis. Between 2012 and 2023, the country generated only 250,000 net jobs, most in low-productivity sectors.

The report highlighted that fiscal strains are mounting, with energy sector losses alone costing government US$1.4 billion in 2024, a figure expected to rise to US$2 billion by 2026. “These are resources that could have funded health, education, or infrastructure,” Taliercio cautioned.

The Policy Notes propose four pillars for transformation: restoring macro-financial stability, boosting productivity and competitiveness, building climate and resource resilience, and strengthening governance to rebuild public trust.

Taliercio stressed that with ambitious reforms, Ghana could triple per capita income by 2050 and attain upper-middle-income status. He said flagship government initiatives such as the 24-Hour Economy and the Big Push could play catalytic roles if pursued decisively.

“The choices Ghana makes now can unlock a generation of inclusive, resilient growth,” he said.

The World Bank reaffirmed its commitment to supporting Ghana, urging stronger collaboration between government, private sector, civil society, and international partners to drive the transformation agenda.