Ghana must channel its structural reforms toward private sector growth and youth job creation, warns a new World Bank report.
The ninth Ghana Economic Update stresses that with the working-age population set to surge, failure to generate productive employment risks squandering a major economic opportunity.
“Unemployment and underemployment represent a potential powder keg,” said Deputy Finance Minister Thomas Nyarko Ampem, endorsing the findings. He called job creation “mission critical” for all stakeholders. The report highlights stalled progress in energy and cocoa sectors as fiscal vulnerabilities, urging accelerated business climate reforms, digital expansion, and infrastructure fixes to unlock private investment.
World Bank Ghana Director Robert Taliercio emphasized urgency: “Sustaining reforms is non-negotiable for stabilizing Ghana’s economy and enabling transformation.” The report projects that absorbing the growing labor force could significantly boost GDP if matched with skills development and entrepreneurship support.
In response, Ampem announced 564.4 million cedis ($52.8 million) for three youth skills programs in 2025, plus 410 million cedis for a national entrepreneurship drive. “We’re targeting the creative potential of our youth,” he stated, framing the spending as essential to defuse the jobs “powder keg.”
The blueprint aligns with Ghana’s need to leverage its cocoa, gold, and oil exports while diversifying its economic foundations. As Taliercio noted: “Growth without jobs is growth that fails your people.”