The World Bank in Ghana

About

Ghana sits on the Atlantic Ocean and borders Togo, Côte d'Ivoire, and Burkina Faso. Its population is about 34.4 million (2024). In the past two decades, it has taken major strides towards democracy under a multi-party system, with its independent judiciary winning public trust.

President John Dramani Mahama was elected in the December 2024 elections. Mr. Mahama’s administration faces a challenging environment in leading Ghana on a path of debt sustainability by enhancing fiscal discipline, expanding tax revenue, and completing the debt restructuring with external creditors under the IMF program.

Economy

Ghana has achieved significant economic and social progress over three decades, attaining middle-income status in 2011. More than 20% of the population continue to experience poverty, with rates exceeding 50% in northern regions. Rising deficits and debt have increased macroeconomic risks and financing costs in recent years.

In 2022, a combination of policy challenges and external factors contributed to a macroeconomic crisis, resulting in the closure of international markets, depreciation of the cedi, increased inflation, and decreased private credit due to domestic borrowing. Growth fell to 3.8% (2022); debt reached 92.6% of GDP. Ghana launched an IMF-supported recovery program, including comprehensive debt restructuring. By 2024, Ghana successfully executed a $13 billion Eurobond exchange and entered a Memorandum of Understanding with the Official Creditor Committee. In 2025, Eurobond service resumed, and domestic coupon payments continued.

Stabilization has improved conditions, with 2024 growth at 5.7% and 2^nd quarter of 2025 real GDP up 6.3% year on year, led by services and agriculture. The cedi appreciated sharply, supported by policy tightening and improved reserves. Inflation eased to 11.5% in August 2025. The external position strengthened, with a current account surplus and rising reserves.

Fiscal adjustment in 2025 aims for a 1.5% GDP primary surplus, with spending restraint and no new arrears. Financial soundness is broadly stable, though Non-Performing Loans remain high and with real private credit growth being negative. Output growth is projected to soften to 4.3% in 2025 as fiscal adjustment and global uncertainty weigh on demand. Medium-term prospects will be dependent on stabilization, reforms, and new oil production.

Lower inflation and increased growth in agriculture and services should reduce the Low- and Middle-Income poverty rate to 53.3% by 2025. Continued IMF program implementation is critical for stabilization and inclusive growth.

Last Updated: Oct 06, 2025

Country Partnership

The Ghana Country Partnership Framework (CPF) for FY22-26 was presented to the WBG Board on February 22, 2022. The CPF seeks to support the government in managing the impact of the COVID-19 crisis by preserving critical human capital and capabilities while taking the opportunity to build back better. It aims to create job opportunities for a greener, more resilient, and inclusive society.

World Bank Active Portfolio

The World Bank portfolio commitment is $4.97 billion covering 18 national projects ($4.06 billion), and 6 regional operations ($907 million).  Cumulative disbursement on the national IDA portfolio stands at $1.87 billion (46.1%), and the undisbursed balance is $2.16 billion as of September 8, 2025, with a disbursement ratio of 0.28%.

IDA21 Pipeline

Ghana’s IDA21 allocation is set to deliver roughly $1.45 billion. A total IDA of US$ 504.10m is planned to be delivered in FY26 for the Third Resilient Recovery Development Policy Financing (DPO 3 - $300 million), Irrigation and Agriculture for Jobs, ($200 million), and Forestry ($200 million). Under IDA 20, the program delivered $1.69 billion.

IFC / MIGA

In FY 2025, IFC financed and mobilized approximately $410 million in financing in Ghana. Together with the $400 million of financing in fiscal year 2024, this represents a substantial growth in IFC’s Ghana program. This program expansion is in support of Ghana continued economic recovery from the 2023 sovereign default.

IFC’s current program focuses on export-led manufacturing, agribusiness, clean energy, and financial sector development. Recent initiatives include support for Mohinani’s plastics recycling to advance circular economy solutions, Sunda’s local production of affordable hygiene products, and DTRT’s apparel manufacturing, all of which contribute to large-scale job creation across the entire value chain. IFC is also supporting up to 200MW of solar energy with LMI Holdings to reduce industrial power costs and advance the clean energy transition. In the agribusiness sector, IFC has structured a financing solution through Société Générale Ghana to support Licensed Buying Companies.

As of July 2025, the Multilateral Investment Guarantee Agency (MIGA) is actively engaged in Ghana with a total gross exposure of $332.3 million, ranking it as the twelfth largest host country in MIGA’s portfolio within Africa. This exposure spans the water, energy, and finance sectors, covering four key projects: a water desalination project, a combined-cycle gas turbine power generation project, coverage for an equity investment by a financial institution, and capital optimization for a financial institution.

MIGA has also supported a regional development bank, Trade and Development Bank (TDB) and it has mobilized $747 million of commercial financing for TDB to expand its trade finance activities with clients in member countries.

As part of the new World Bank Group Guarantees platform, now housed at MIGA, the agency will also leverage deeper collaboration to de-risk foreign investment, paying close attention to projects that support climate finance and boost job creation.

Last Updated: Oct 06, 2025

Development

The Ghana Productive Safety Net Project (GPSNP) has contributed to attaining Ghana’s goals for poverty alleviation by strengthening safety net systems that improve the productivity of the poor and access to basic services.

The Ghana National Household Registry (GNHR), with over 2.3 million households, is improving the targeting of social protection programs. Under GPSNP, the percentage of beneficiaries who initiated or expanded a household enterprise through the productive inclusion program was 89.3%. Under GPSNP 2, the GNHR is completing data collection in the remaining regions of the country to further improve program targeting.

The Greater Accra Metropolitan Area (GAMA) Water and Sanitation project has provided improved sanitation to 611,624 people, while 503,733 school pupils were reached, and 666,749 people benefited from the improvement of the water supply.

The Ghana Economic Transformation Project (GETP) aims to boost private investments and firm growth in non-resource-based sectors. The project has facilitated $245.86 million in private sector investment, with $55.75 million in actual investments realized. The project has generated 2,438 direct jobs, more than double its 1,000-job target, with 1,071 jobs created for women. Firms supported by GETP have reported an average 18% increase in gross sales, while women-owned businesses have achieved a 12.68% increase, reflecting gains in productivity and growth.

The recently closed eTransform project supports the digital entrepreneurship program through three tech hubs. The establishment of operational infrastructure and support for the Cyber Security Authority contributed to Ghana ranking second in Africa in the 2024 Global Cybersecurity Index. Under the e-Justice component, the case management system has been automated at 50 High Courts in Accra. It has helped reduce the average time to process a company registration from 4 days to 2 days.

Last Updated: Oct 06, 2025