Ghana: Country Context
Ghana stands out as a model of democracy, rule of law, and stability in Africa. The country achieved middle-income status in 2010, significantly reducing poverty and making notable progress in human development. Its vibrant culture, dynamic population, and entrepreneurial spirit contribute to a robust foundation for economic progress. Ghana’s democratic institutions and relative stability have positioned it as a regional leader, attracting international partnerships and investment opportunities.
However, this progress remains heavily dependent on commodities such as oil, gas, and gold, leaving the economy vulnerable to external shocks and hindering diversification. Rising inequality and stagnating poverty reduction have been exacerbated by frequent crises, which have undermined Ghana’s fragile macroeconomic position. These challenges have highlighted systemic challenges, including inefficient public spending, a narrow tax base, a weak currency and a slow response to the effects of climate change. Consequently, high inflation, rising debt levels, and constrained public revenues have hindered investment growth and private sector development. Governance issues, including corruption and lack of accountability, further strain development efforts.
To sustain growth, Ghana envisions a prosperous nation with a strong economy, equitable social development, environmental preservation, and effective governance. Its goal is to enhance governance structures, improving transparency and accountability, fostering a competitive private sector with sustained industrial transformation to drive growth, jobs and decent working conditions, safeguarding the natural environment, and address inequality.