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World Bank Says Ghana Has Spent 40 of 68 Years Under IMF Programmes
Ghana has spent nearly six decades of its 68-year post-independence history under the tutelage of the International Monetary Fund (IMF), tied to 17 separate programmes spanning 40 years, according to the World Bank’s 2025 Policy Notes report, “Transforming Ghana in a Generation”.
The report cautions that without bold reforms, Ghana’s economy could stagnate at an average growth rate of just 3.8%, delaying the country’s goal of attaining upper-middle-income status until well beyond 2050.
The Bank pointed to persistent fiscal indiscipline, inefficiencies, and governance failures as recurring obstacles to economic stability. Despite the presence of 17 IMF programmes, Ghana continues to cycle between growth spurts and economic collapse.
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“Governance challenges continue to obstruct policy reforms and structural transformation,” the report noted, warning that unless structural weaknesses are tackled head-on, Ghana risks:
- Failing to create quality jobs at scale
- Rising poverty and inequality
- Fiscal fragility that worsens debt crises
- Environmental degradation from resource over-reliance
The World Bank highlighted that Ghana’s income per capita stands at about $2,200, a figure that has remained largely unchanged for more than 10 years. This stagnation underscores the country’s failure to convert resource wealth into broad-based prosperity.
While Ghana saw impressive gains in the early 2000s, the momentum faltered into what the Bank describes as a “lost decade”, culminating in the 2022 economic collapse. That crisis, the report stressed, was not only the result of global shocks such as COVID-19 and the Russia-Ukraine war but also a reflection of long-standing domestic structural weaknesses.
The World Bank warned that the next four years offer Ghana a rare chance to reset its economic trajectory, especially given political cycles that often derail reforms. “The real risk is complacency and business as usual,” it added.
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