Ghana’s future at risk without bold reforms, World Bank cautions

Ghana has spent nearly two-thirds of its post-independence years under International Monetary Fund (IMF) programmes, according to the World Bank’s 2025 Policy Notes titled “Transforming Ghana in a Generation”.

The report revealed that the country has entered 17 IMF programmes over the past 68 years, underscoring its long-term struggle with fiscal stability and economic transformation.

Without decisive reforms, the Bank warned, Ghana’s growth could stagnate at around 3.8%, pushing the attainment of upper-middle-income status beyond 2050. It cited persistent challenges in governance, fiscal indiscipline, and inefficiencies as key obstacles that have eroded public trust and hindered structural transformation.

The World Bank also stressed that Ghana’s heavy dependence on natural resources has slowed diversification and productivity growth, while fiscal fragility, environmental degradation, and widening regional inequalities pose additional risks.

It described Ghana as being at a pivotal moment, cautioning against “complacency and business-as-usual.” The report further noted that the next four years provide a rare opportunity to reset the nation’s trajectory and rebuild trust between government and citizens. Elections, it said, create a window for rethinking policies and strengthening the social contract.

Reflecting on the country’s economic journey, the Bank observed that Ghana’s impressive progress in the early 2000s gave way to a “lost decade,” culminating in the 2022 macroeconomic crisis. It highlighted that Ghana’s income per capita has stagnated at around US$2,200 for more than a decade, leaving millions vulnerable to poverty and job insecurity.