Opportunities and challenges
Despite the fact that Ghana reached middle-income status in 2010, large parts of Ghana’s rapidly growing population remain vulnerable. Inequality is increasing and poverty reduction has been stagnating lately.
Ghana has achieved little progress in diversifying the economy. While the country was on a path of recovery from the last economic crisis in 2014 and started to rebuild some buffers, the economic shock of the COVID-19 pandemic is expected to bring low growth, weaken Ghana’s still fragile financial position and it risks reversing decade-long progress in poverty reduction and human development.
Ghana will need sustained growth to push along its path towards becoming a resilient, self-dependent and prosperous middle-income economy that creates enough decent income and job opportunities for the country’s youthful and rapidly growing population.