Ghana’s per capita income could triple by 2050 if the government embarks on far-reaching reforms to boost productivity, expand infrastructure, and strengthen human capital, according to the World Bank’s 2025 Policy Notes:Transforming Ghana in a Generation.
The report, released on Monday, paints two starkly different futures for Ghana. With consistent annual growth above 6.5 per cent, Ghana could defy demographic pressures, declining natural resource revenues, and other structural challenges to position itself among the strongest performers in the lower-middle-income group.
However, a failure to implement bold reforms could see growth stagnate at just 3.8 per cent within 15 years, delaying the country’s hopes of achieving upper-middle-income status until well beyond 2050.
The World Bank stresses that success hinges on raising productivity in non-resource sectors—particularly agriculture and manufacturing—while scaling up public and private investments in key infrastructure, including transport, energy, and digital services.
Equally crucial is human capital development. The Bank calls for comprehensive reforms in education and skills training to prepare a competitive workforce capable of driving innovation and attracting investment. It highlights greater female participation in the labour force, improved governance, and strengthened institutions as central to sustaining inclusive growth.
“Ghana has the opportunity to transform its economy within a generation,” the report notes. “But this transformation requires decisive reforms, investment in people, and a focus on diversifying beyond natural resources.”
Under a moderate reform path, the Bank projects growth could average around 5.5 per cent, enough to maintain progress but insufficient to unlock the full potential of Ghana’s young population and abundant opportunities.
The warning is clear: without bold action, Ghana risks falling into a low-growth trap, with slowing productivity, shrinking fiscal space, and mounting social pressures undermining development prospects.
The Policy Notes conclude with a call to action for policymakers, urging them to seize the moment and embark on a reform agenda that will define Ghana’s economic future for decades to come.
If embraced, the World Bank suggests, Ghana could deliver a triple in per capita income by mid-century, lifting millions out of poverty and securing its place as one of Africa’s most dynamic economies.
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