World Bank Chief Economist urges Ghana to focus on public spending quality and revenue-raising efficiency

Indermit Gill, Chief Economist at the World Bank, emphasized that Ghana must prioritize improving the quality of public spending and revenue-raising efforts to achieve sustainable economic growth.

During the presentation of the 2024 World Development Report, Mr. Gill warned against solely focusing on increasing revenues without evaluating government expenditure efficiency.

He pointed to countries like South Korea, which achieved high-income status through investment, technology adoption, and innovation.

He also stressed the urgency of capitalizing on Ghana’s demographic dividend, cautioning that failure to implement necessary reforms could leave the country trapped in middle-income status for decades.