The World Bank has called on Ghana to urgently tackle structural challenges in its energy and cocoa sectors to protect recent economic gains and secure long-term stability.
In its 9th Ghana Economic Update, titled Addressing Labour Market Challenges and Opportunities in Ghana’s Economic Landscape, the Bank warned that fiscal risks from poorly managed state-owned enterprises and revenue shortfalls in key export sectors could undermine the country’s growth prospects.
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“Energy sector reform, including through private sector participation, is urgent to improve management effectiveness and the collection of energy revenues,” said Robert Taliercio, World Bank Division Director for Ghana, Liberia and Sierra Leone. “These reforms are needed to restore macro-financial stability to support economic transformation and sustainable growth for jobs.”
The report identified the cocoa sector as another critical pillar for economic stability, warning that fluctuations in global prices, productivity gaps, and climate-related threats could leave the economy vulnerable to shocks without swift action to strengthen efficiency and resilience across the value chain.
Ghana’s economy expanded by 5.7% in 2024, with a further 5.3% growth in the first quarter of 2025, supported by strong trade performance, falling inflation, and rising reserves. However, fiscal pressures in 2024 eroded earlier stabilisation gains, and high interest rates, persistent inflation, and external uncertainties are expected to slow growth to 3.9% in 2025 before rebounding to 5% in the medium term.
The World Bank stressed that long-term stability will require entrenching fiscal discipline, strengthening public financial management, and carefully managing inflation and exchange rate volatility. It further highlighted the importance of improving the business environment, bridging infrastructure gaps, and accelerating digitalisation and climate adaptation to position Ghana for sustained, private sector-led growth.
The report also underscored the need for comprehensive job creation strategies, especially for Ghana’s growing youth population, alongside productivity improvements in agriculture, manufacturing, and services.