Ghana’s per capita income could triple by 2050 if ambitious reforms are undertaken, the World Bank has revealed in its 2025 Policy Notes on Ghana.
According to the Bretton Woods institution, with comprehensive reforms that enhance productivity, improve the quality of infrastructure services, and elevate human capital and workforce skills, sustained growth could reach 6.5%.
Ghana’s per capita income currently hovers around US$2,353, whilst growth averages 4.0% since the Covid-19 pandemic.
But the World Bank wants Ghana to transform its economic growth model from one based on factor accumulation and natural resource depletion to one driven by productivity and human capital.
On macroeconomic stability, it urged enhanced domestic revenue mobilisation, improving expenditure management, and addressing State Owned Enterprises liabilities, describing them as essentials to create a virtuous cycle of growth and macro stability.
To maintain fiscal consolidation, the report called for fiscal rules, the maintenance of International Monetary Fund targets, avoiding large forex interventions, and avoiding an early return to the Eurobond market.
Regrading jobs and productivity for Ghana’s youth, it proposed fostering robust and broad-based economic growth, which it describes as crucial not only for generating jobs and boosting productivity but also for ensuring fiscal resilience and debt sustainability.
The focal areas are better business climate, access to finance, trade facilitation and improved trade logistics (roads and port).
Source: Joy Business
