World Bank Urges Bold Reforms to Drive Ghana’s Generational Economic Transformation
The World Bank has called on Ghana to implement urgent economic reforms to secure long-term growth and create more jobs, unveiling its 2025 policy recommendations in Accra on Wednesday, September 24, 2025. The report, titled “Transforming Ghana in a Generation,” provides a comprehensive roadmap to foster broad-based growth, resilience, and shared prosperity, according to Robert Taliercio, the Bank’s Division Director for Ghana, Sierra Leone, and Liberia.
Ghana has achieved notable economic progress over the past decades, halving poverty between 1991 and 2016 and maintaining an average growth rate of 6.8% from 2009 to 2019. However, recent macroeconomic challenges, including the severe 2022 crisis, have slowed development. From 2012 to 2023, only 250,000 net jobs were created, primarily in low-productivity sectors, highlighting the need for structural reforms to stimulate higher-quality employment.
The Bank warned that fiscal pressures could worsen if reforms are delayed. For instance, energy sector shortfalls cost the government $1.4 billion in 2024, with projections rising to $2 billion by 2026—funds that could otherwise be invested in health, education, and infrastructure. These figures underscore the urgent need to modernize key sectors and strengthen public finances.
The World Bank’s 2025 Policy Notes emphasize four pillars for transformation: restoring macro-financial stability through fiscal reforms and energy sector improvements; enhancing productivity and competitiveness via investments in skills, health, and private sector growth; promoting sustainable natural resource management and resilient infrastructure; and strengthening governance to rebuild citizen trust. Taliercio highlighted that effective implementation of flagship initiatives like the 24-Hour Economy and the Big Push could help Ghana triple per capita income by 2050 and achieve upper-middle-income status.
In closing, the World Bank pledged continued support and stressed the importance of collaboration between the government, private sector, civil society, and international partners. “The choices Ghana makes now can unlock a generation of inclusive, resilient growth,” Taliercio said, emphasizing that bold and timely reforms are crucial for the country’s economic future.
source: citi newsroom