The World Bank’s 2023 Country Policy and Institutional Assessment (CPIA) for West and Central Sub-Saharan Africa offers insights into Ghana’s policy environment.
Ghana received an overall score of 3.4, with strengths in social areas like Gender Equality (4.0), Social Protection (4.0), and Transparency (achieving good scores).
The report commends Ghana’s commitment to social spending, particularly on education, health, and social safety nets.
However, areas for improvement were also identified, particularly in Debt Policy and Management (2.5). The World Bank’s Chief Economist for Africa, Andrew Dabalen, advises Ghana to focus on fiscal sustainability and implementing agreed-upon debt management strategies.
Here’s a breakdown of Ghana’s performance across key policy areas:
Strengths: Gender Equality (4.0), Building Human Resources (4.0), Social Protection (4.0), Transparency
Areas for Improvement: Debt Policy and Management (2.5), Quality of Public AdministrationThe report highlights encouraging trends across the region:
Information Technology: Expanding IT infrastructure has the potential to significantly improve economic activity, job creation, and poverty reduction.
The African Continental Free Trade Area (AfCFTA): This trade agreement could transform the region's trade landscape, leading to a more diversified export base and potentially increasing intra-regional trade by 30-60% within a decade.Overall, the CPIA offers valuable insights for policymakers and investors. By focusing on areas for improvement like debt management and embracing positive regional trends like the AfCFTA and IT expansion, Ghana can position itself for stronger economic growth and integration.
