• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

AfDB Report Highlights Ghana’s $4.87 Billion Annual Financial Need for Structural Transformation

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
207
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

AfDB Report Highlights Ghana’s $4.87 Billion Annual Financial Need for Structural Transformation

The African Development Bank (AfDB) has outlined the significant financial requirements for Ghana’s structural transformation in its 2024 Country Focus Report.

The report emphasizes that Ghana needs to mobilize $4.87 billion annually until 2030 for the Sustainable Development Goals (SDGs) and an additional $0.85 billion annually until 2063 for the African Union’s Agenda 2063.

Currently, the country has only secured a third of this necessary funding.

Tax-to-GDP Ratio Needs To Increase

To meet these ambitious targets, the AfDB recommends that Ghana increase its tax-to-GDP ratio by 3.8 percentage points for the SDGs and by 0.7 percentage points for Agenda 2063.

Furthermore, the report advocates for allocating more resources to critical sectors such as education and energy to facilitate structural change.

RelatedPosts

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

Business Environment and Urbanization Key to Investment

The report, themed “Driving Ghana’s Transformation: The Reform of the Global Architecture,” also underscores the need for a more business-friendly environment to attract both domestic and foreign investment.

Additionally, it suggests that a coherent urbanization framework could accelerate structural transformation, enhancing the overall economic landscape.

Challenges in Structural Transformation

The AfDB report identified several factors impeding Ghana’s structural transformation. These include the concentration of jobs in less productive sectors such as personal services, agriculture, and retail, and the underutilization of favorable factors like institutional quality, export diversification, infrastructure, human capital, and urbanization.

The report also highlighted the dominance of the informal sector, vulnerability to climate change, limited access to credit, and a high youth NEET (Not in Education, Employment, or Training) rate as significant bottlenecks.

Economic Growth and Stability Concerns

Ghana’s economy, which transitioned to lower middle-income status in 2010, has shown signs of instability recently. The post-COVID-19 recovery has been sluggish, with real GDP growth slowing from 5.1 percent in 2021 to 3.8 percent in 2022, and an estimated 2.9 percent in 2023.

The economic downturn has been exacerbated by macroeconomic instability, tightening global financial conditions, and multiple external shocks, leading to a sharp depreciation of the Cedi and a debt crisis in December 2022.

Recommendations for Macroeconomic Stability

The AfDB report urges Ghana to pursue reforms aimed at bolstering macroeconomic stability and supporting structural transformation efforts.

It calls for monetary, budgetary, and exchange rate policies to control inflation, stabilize exchange rates, reduce public deficits by rationalizing spending, and mobilize more internal resources.

Additionally, the report recommends improving public sector development initiatives, fast-tracking debt restructuring, enhancing access to concessional finance, deepening financial markets, and strengthening stakeholder engagement for development assistance.

By implementing these measures, Ghana can aim to achieve sustainable growth and structural transformation, positioning itself among the best-performing developing countries.

Tags: $4.87 Billion Annual Financial NeedAfDB ReportAfDB Report Highlights Ghana's $4.87 Billion Annual Financial Need for Structural TransformationStructural transformation
No Result
View All Result

Highlights

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

Morocco Crowned World Champions at the FIFA U-20 World Cup

GPL: Gold Stars Seek Redemption, Eleven Wonders Hunt First Win in Super Monday Doubleheader

OMCs Begin Over 4% Fuel Price Reductions Amid Cedi Gains and Decline in Global Oil Prices

Nigerians to pay more for ChatGPT on OpenAI’s 7.5% VAT

Prof. Baah-Boateng Urges Bank of Ghana to Prioritise Cedi Stability Amid Sharp Currency Swings

Trending

Features

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

October 20, 2025

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release BudgIT, a prominent civic tech...

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

October 20, 2025

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

October 20, 2025

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

October 20, 2025

Morocco Crowned World Champions at the FIFA U-20 World Cup

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.