Ghana’s economy has made significant progress in restoring macroeconomic stability, but sustaining the recovery and translating it into more jobs and better livelihoods will require continued fiscal discipline, stronger revenue mobilization, and reforms to unlock the country’s transport sector, according to the World Bank’s tenth Ghana Economic Update, Reset for Growth: Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation.

The report finds that Ghana’s recovery deepened in 2025, with real GDP growth reaching 6.0 percent, supported by services and agriculture. Inflation fell sharply, gross international reserves strengthened, and the fiscal position improved, with a primary surplus exceeding program target. Public debt also declined substantially following progress on the comprehensive debt restructuring. Despite these gains, the report cautions that the recovery remains incomplete. Growth has not yet generated enough quality jobs to absorb Ghana’s expanding working-age population, poverty remains elevated in parts of the country, and external risks — including commodity price volatility, higher energy and fertilizer costs, and tighter global financing conditions — could test the durability of recent progress.

“Ghana has made important progress in restoring stability after a difficult period, but the next phase must be about making the recovery durable and more inclusive,” said Robert Taliercio, World Bank Division Director for Ghana, Liberia, and Sierra Leone. “Maintaining fiscal and monetary discipline, strengthening revenue mobilization, and protecting priority social and infrastructure spending will be essential to ensure that macroeconomic gains translate into better jobs and improved welfare for Ghanaians.”

The report projects growth to moderate to 4.8 percent in 2026 as post-crisis adjustment gains taper off and external pressures persist, before converging toward Ghana’s medium-term potential of around 5 percent. Inflation is expected to remain within the Bank of Ghana’s target band, provided monetary easing remains data dependent and external price shocks are carefully managed.

The Update’s special focus examines Ghana’s transport sector, identifying chronic under-maintenance, fragmented governance, weak multimodal integration, and limited climate resilience as binding constraints on productivity, trade, and job creation. Roads carry more than 95 percent of passenger and freight traffic, yet much of the network remains unpaved or in poor condition. Rail freight has declined sharply over decades, increasing pressure on roads, while ports and inland logistics systems remain insufficiently connected.

“Transport is not only an infrastructure issue; it is central to Ghana’s growth, jobs, and inclusion agenda,” said Akua Pokuaa Timpabi, World Bank Transport Specialist and co-author of the report. “Better-maintained roads, stronger rail and port linkages, safer urban mobility, and climate-resilient infrastructure can reduce the cost of doing business, connect farmers and firms to markets, and expand access to jobs.”

The report highlights 6 priority transport reforms to help Ghana turn infrastructure investment into stronger growth and job creation. These include sustainably funding road maintenance, improving coordination across transport agencies, revitalizing rail freight along key trade corridors, treating road safety as an economic priority, integrating climate resilience into transport planning and financing, and expanding digital logistics systems beyond Tema to improve port, inland terminal, and road asset management.

The report argues that Ghana’s 2026 infrastructure ambitions, including the Big Push Infrastructure Program, can support productivity and employment if capital investment is accompanied by stronger maintenance systems, better project preparation, improved governance, and credible financing frameworks.

“The policy window is open,” said Tamoya Christie, World Bank Senior Economist and co-author of the report. “Ghana can use the current stabilization gains to build a more diversified economy and employment-intensive economy, but doing so will require sustained reforms that protect fiscal stability while removing structural bottlenecks to private investment and market access.”

The Ghana Economic Update is an annual World Bank publication that reviews recent economic developments, assesses the medium-term outlook, and provides analysis on selected development priorities. This tenth edition focuses on sustaining macroeconomic recovery and unlocking transport as a platform for transformation.