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The World Bank says 56.4% of Ghanaians continue to live in poverty despite recent economic growth, with widening disparities across regions pointing to a gap between the country’s economic performance and the living conditions of many citizens.
Speaking at the launch of the World Bank Group’s 10th Ghana Economic Update, World Bank Division Director for Ghana, Liberia and Sierra Leone, Dr Robert Taliercio O’Brien, said the benefits of economic growth had yet to translate into significant improvements in living standards for a large proportion of the population.
“56.4% of Ghanaians remain in poverty. And spatial disparities are widening,”
Dr Taliercio O’Brien said.
He noted that the figures highlight a growing disconnect between Ghana’s headline economic growth and the realities facing many households.
According to him, the country’s recent growth has not yet reached a broad section of the population, underscoring the need for policies that ensure the gains from economic expansion are more widely shared.
The World Bank also identified the structure of Ghana’s economic growth as a major concern, noting that the sectors driving expansion have limited capacity to create jobs.
Dr Taliercio O’Brien warned that this could become an even greater challenge as Ghana’s youthful population continues to enter the labour market over the coming years.
“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” that requires urgent attention to ensure economic growth generates sufficient employment opportunities and translates into improved living standards for Ghanaians.