Ghana’s per capita income could triple by 2050 if the country implements ambitious reforms to boost productivity and human capital, the World Bank has projected in its 2025 Policy Notes on Ghana.

The report emphasizes that with comprehensive reforms—improving productivity, enhancing infrastructure services, and strengthening workforce skills—Ghana could sustain annual growth of 6.5%, well above the current post-pandemic average of 4.0%. Presently, Ghana’s per capita income stands at about US$2,353.

According to the Bank, Ghana must shift away from an economic growth model heavily reliant on factor accumulation and natural resource extraction, and instead adopt one driven by productivity gains and human capital development.

On the macroeconomic front, the report calls for:

Stronger domestic revenue mobilisation,

Improved public expenditure management, and

Tackling the liabilities of state-owned enterprises (SOEs).

These measures, it notes, are essential to create a virtuous cycle of growth and macroeconomic stability.

To safeguard fiscal consolidation, the World Bank recommends:

Enforcing fiscal rules,

Maintaining IMF program targets,

Avoiding large foreign exchange interventions, and

Refraining from an early return to the Eurobond market.

On job creation and youth productivity, the report underscores the need for broad-based and robust growth. This, it argues, is not only crucial for employment and productivity gains but also for ensuring fiscal resilience and debt sustainability.

Key priority areas outlined include:

Improving the business climate, Expanding access to finance, Facilitating trade, and

Enhancing logistics infrastructure such as roads and ports.