Ghana has spent 40 out of 68 years under International Monetary Fund (IMF) programmes, the World Bank has revealed in its 2025 Policy Notes titled “Transforming Ghana in a Generation”.

The nation has entered 17 IMF programmes.

According to the report, without reforms, growth plateaus around 3.8%, delaying upper-middle-income status beyond 2050.

It emphasised that governance challenges persist in obstructing policy reforms and structural transformation, highlighting that persistent fiscal indiscipline, inefficiencies, and mismanagement continue to erode trust.

It warned that heavy reliance on natural resources limited structural transformation and productivity gains.

Ghana at a Pivotal Moment

The report mentioned that “The real risk is complacency and business-as-usual.”

It warned of growth stagnation (3.8%) and delayed Universal Middle Income Status (UMIC( status if reforms stall.

The risks are insufficient (quality) job creation, high poverty, widening regional gaps, fiscal fragility and environmental degradation.

The report added that the next four years offer a unique opportunity to break from past practices and strengthen the social contract, adding that elections create a unique opportunity to reset and rebuild the social contract.

However, the 2022 crisis exposed deep structural vulnerabilities, not just external shocks.

The World Bank continued that a remarkable progress in the first decade of the century by Ghana was followed by a lost decade, culminating in the 2022 macroeconomic crisis.

It stated that Ghana’s income per capita is around US$2,200, and has largely stagnanted over a decade.