Ghana’s current 3-4% growth rate, in the aftermath of global shocks such as the COVID-19 pandemic is not sufficient to create better jobs, higher incomes, and improved living standards for millions of Ghanaians, the World Bank has stated in Accra.
With Sub-Saharan Africa needing an annual growth rate of 9% to eliminate extreme poverty, the Bank has stressed the urgency of accelerating economic reforms to unlock Ghana’s full potential.
“Every percentage point of growth matters for the millions of Ghanaians striving for better jobs, higher incomes, and improved living standards, “World Bank Division Director for Ghana, Sierra Leone and Liberia, Robert Taliercio observed.”
In spite of being one of Africa’s most stable democracies, Ghana’s economic progress had been constrained by structural bottlenecks that hinder private sector growth and job creation.
Mr Taliercio noted that the Bank’s Business Ready (B-READY) report highlights key areas where targeted reforms could strengthen the business environment, attract investment, and drive inclusive economic transformation for Ghana.
Reforms as a Path to Sustainable Growth
The World Bank stressed that the B-READY report is not just an assessment of macroeconomic stability—it serves as a roadmap for targeted reforms that can unlock long-term, inclusive prosperity. The report notes that countries that have sustained economic progress have done so by implementing bold policies that strengthen private sector competitiveness and encourage investment.
Mr Taliercio further pointed out that Ghana’s recent National Economic Dialogue showcased a strong national consensus on the need for urgent economic reforms. However, translating this momentum into concrete action will be essential to harness the country’s full economic potential.
Private Sector at the Heart of Ghana’s Growth
According to the World Bank, Ghana’s private sector accounts for 90% of jobs, 70% of national output, and nearly 80% of investment in Ghana, making a conducive business environment essential. The Bank noted that approximately 500,000 young Ghanaians entered the workforce every year, yet many remained trapped in informal, low-productivity jobs.
“Without significant reforms, job creation will continue to lag behind the rising labor force, making it difficult to improve living standards,” the World Bank Country Director warned.
For him, a stronger, more competitive private sector—supported by efficient regulations, reliable infrastructure, and digital transformation—will be central to reversing the trend.
“The World Bank believes that Ghana’s economic ambitions, including the vision for a 24-hour economy, depend on removing barriers that hinder business expansion and investment,” he added.
Making Ghana a Global Business Hub
The B-READY report identifies key reforms that will strengthen Ghana’s position as a top investment destination.
These include:
- Streamlining business regulations to reduce bottlenecks and improve efficiency
- Expanding digital services to make transactions and government processes seamless
- Investing in critical infrastructure to support industrial growth and commerce
- Ensuring fair competition to create a level playing field for all businesses
Mr Taliercio asserted that with the right policy framework, Ghana could unlock new investment opportunities, enhance productivity, and create dignified, wage-paying jobs. These reforms, he insisted, were not just economic imperatives but “are essential for millions of Ghanaians striving for a better future.”
As the country navigates global economic challenges, the World Bank maintains that accelerating these reforms will be crucial to achieving sustainable growth and positioning Ghana as a leading economy in Africa.
