Macroeconomic setbacks threaten jobs, growth – World Bank cautions Ghana
The World Bank has called for bold reforms to secure Ghana’s long-term economic transformation, warning that recent macroeconomic setbacks threaten future growth and job creation.
At the launch of the 2025 Policy Notes in Accra on 24 September 2025, Robert Taliercio, the Bank’s Division Director for Ghana, Sierra Leone and Liberia, unveiled a report titled ‘Transforming Ghana in a Generation.’
The document outlines a detailed roadmap to drive broad-based growth, resilience and shared prosperity.
The nation has made notable progress in the past, cutting poverty in half between 1991 and 2016 and achieving an average annual growth rate of 6.8 per cent between 2009 and 2019.
However, rising fiscal and structural challenges, compounded by the severe 2022 economic crisis, have slowed momentum.
Between 2012 and 2023, only 250,000 net jobs were created, mostly in low-productivity sectors such as informal retail and subsistence farming.
The report warns that without urgent action, fiscal pressures will worsen. Energy sector shortfalls alone cost the government USD1.4 billion in 2024 and could rise to USD2 billion by 2026. These are funds that could otherwise support health, education and infrastructure.
To reverse course, the Policy Notes outline four key pillars for generational transformation:
Restore and Sustain Macro-Financial Stability – Boost domestic revenue mobilisation, tackle fiscal stress and reform the energy and cocoa sectors.
Raise Productivity and Competitiveness – Invest in skills, health and private-sector growth while removing red tape such as slow business registration and judicial delays.
Sustain Natural Resource Management and Resilience – Promote climate-smart agriculture, agribusiness and resilient infrastructure to diversify the economy.
Strengthen Governance and Public Institutions – Rebuild public trust and ensure reform delivery through transparency and accountability.
Mr Taliercio stressed that with ambitious reforms, Ghana could triple per capita income by 2050 and become an upper-middle-income economy.
He cited flagship government initiatives like the 24-Hour Economy and Big Push as potential catalysts if executed effectively.
“The choices Ghana makes now can unlock a generation of inclusive, resilient growth,” Mr Taliercio said.
The World Bank reaffirmed its commitment to support Ghana, urging strong collaboration among government, private sector, civil society and international partners to turn the transformation blueprint into reality.
