Fix energy and cocoa sectors to safeguard economy

Cocoa is one of Ghana’s key sources of income

The World Bank has said Ghana must urgently address challenges in its energy and cocoa sectors to sustain economic growth and stability.

In its latest report, the Bank warned that poor management of state-owned enterprises and declining export revenues could reverse recent economic gains.

It stressed the need for energy sector reforms, including increased private sector participation, to enhance efficiency and improve revenue collection.

“Energy sector reform, including through private sector participation, is urgent to improve management effectiveness and the collection of energy revenues,” the report stated.

Cocoa, one of Ghana’s key sources of income, also faces significant risks due to volatile global prices, low productivity, and the impact of climate change. Without targeted interventions, these issues could weaken the economy.

Although Ghana’s economy grew by 5.7% in 2024 and 5.3% in early 2025, the report projects a slowdown to 3.9% this year, driven by high interest rates, inflation, and global uncertainties.

The World Bank advised Ghana to maintain fiscal discipline, enhance the efficiency of public spending, and create more jobs, particularly for young people while boosting productivity in agriculture, manufacturing, and services.

Addressing the energy and cocoa sector challenges, the report concluded, is essential not only to protect the economy but also to unlock new opportunities for growth.

DR/SA

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