Ghana has spent 40 out of its 68 years since independence under International Monetary Fund (IMF) programmes, according to the World Bank’s 2025 Policy Notes titled “Transforming Ghana in a Generation.” The country has entered 17 separate IMF arrangements over the period.
The report cautions that without bold reforms, Ghana’s economic growth could stagnate at around 3.8%, delaying the attainment of upper-middle-income status until after 2050. It noted that persistent governance challenges—particularly fiscal indiscipline, inefficiencies, and mismanagement—continue to undermine reforms and weaken public trust.
It further warned that Ghana’s heavy dependence on natural resources is limiting structural transformation and productivity growth. “The real risk is complacency and business-as-usual,” the report stated, pointing to the danger of growth stagnation, insufficient job creation, high poverty, widening regional inequalities, fiscal fragility, and environmental degradation.
According to the World Bank, the next four years present a critical window to break away from past patterns and reset the social contract, especially as elections provide an opportunity for reform and renewal.
The report also reflected on Ghana’s economic trajectory, noting strong progress in the early 2000s, followed by what it described as a “lost decade,” which culminated in the 2022 macroeconomic crisis. That crisis, the Bank stressed, exposed not just external vulnerabilities but also deep-seated structural weaknesses in the economy.
Currently, Ghana’s per capita income stands at about US$2,200, a figure that has largely stagnated over the past decade.
Story By: Afia Ohenewaa Akyerem