World Bank says 56.4% of Ghanaians remain in poverty despite economic growth

The World Bank has revealed that 56.4% of Ghanaians continue to live in poverty, despite recent economic growth in the country. Dr Robert Taliercio O'Brien, the World Bank Division Director for Ghana, Liberia and Sierra Leone, made this statement at the launch of the 10th Ghana Economic Update. He emphasized that the economic growth has not yet translated into broader improvements in living standards across the nation.

The report highlights a widening gap between the overall economic performance and the living conditions of a significant portion of the population.

Dr O'Brien pointed out that economic growth is primarily concentrated in sectors that lack the capacity to generate sufficient employment opportunities. This is a pressing issue, as more young people are entering the labor market in the coming decade. He noted that "growth is led by sectors with limited employment absorption relative to its growing young population entering the labor market in the next decade."

The World Bank's assessment indicates that the current situation represents a structural problem that needs to be addressed urgently. Dr O'Brien stated that this structural imbalance demands immediate attention if economic growth is to lead to improved livelihoods for a larger segment of the population. He emphasized that "a structural imbalance that also demands urgent attention" is at the heart of the issue.