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In the Bank’s latest Policy Notes on the country, titled “Transforming Ghana in a Generation,” it underscored an urgent need for reform, saying, “Ghana must break from past governance failures marked by fiscal indiscipline, inefficiency, and repeated IMF programs.”
The World Bank has advised Ghana to be intentional and bold about breaking away from its repeated reliance on International Monetary Fund (IMF) loan-supported programs.
Experts have acknowledged the efficacy of IMF-supported programs but argue that its short-term orientation does not meet the sustainable macroeconomic stability needs of Ghana.
The World Bank said the country could only achieve long-term economic transformation through fiscal discipline, sound governance, and structural reforms.
In the Bank’s latest Policy Notes on the country, titled “Transforming Ghana in a Generation,” it underscored an urgent need for reform, saying, “Ghana must break from past governance failures marked by fiscal indiscipline, inefficiency, and repeated IMF programs.”
The report indicated that Ghana could sustain growth above 6.5 per cent and triple its per capita income by 2050 if it adopted bold policies and strengthened institutions, citing weak structural transformation and heavy dependence on natural resources as a challenge.
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The report also called for an enhanced business environment that attracted investment in high-productivity sectors, while improving education, health, and social protection to build human capital.