Sunday, 06 September

Ghana's growth recovery yet to lift 56.4% of population out of poverty — World Bank

Business
The World Bank

Despite Ghana's recent economic recovery, 56.4% of the population remains in poverty, with widening disparities across the country, the World Bank has said.

Robert R. Taliercio, World Bank Division Director for Ghana, Liberia and Sierra Leone, said the strong economic growth recorded in recent years had yet to translate into improved living conditions for a significant proportion of Ghanaians.

Speaking at the launch of the World Bank's Tenth Ghana Economic Update in Accra, Taliercio said the figures underscored the need for more inclusive growth capable of creating jobs and opportunities across the country.

"56.4% of Ghanaians remain in poverty, and spatial disparities are widening," he said.

He pointed to a clear disconnect between Ghana's headline economic performance and the realities confronting many households.

"There is a disconnect between the headline growth that is yet to reach most of the population," he said.

Ghana's economy grew by 6% in 2025 and accelerated to 6.4% in the first quarter of 2026, reflecting a strong recovery in economic activity. However, Taliercio cautioned that the pace of growth alone would not be sufficient to address the country's development challenges, particularly given the growing number of young people entering the labour market.

"Growth is led by sectors with limited employment absorption relative to its growing young population entering the labour market in the next decade," he said.

He described the situation as a structural imbalance requiring greater focus on sectors capable of generating jobs and spreading the gains of growth.

Taliercio said Ghana must prioritise policies that promote job creation and productivity while ensuring more households and regions benefit from the economic recovery, stressing that making the recovery inclusive, job-intensive and resilient would be critical to sustaining the gains made in restoring macroeconomic stability.

Source: classfmonline.com