Ghana has maintained a score of 3.4 in the World Bank’s 2023 Country Policies and Institutional Assessments (CPIA) Africa Report, despite economic challenges.
This score remains consistent with Ghana’s 2022 rating, although it marked a 0.2 decrease from 2021. The CPIA assesses the quality of a country’s policies and institutional arrangements to support sustainable growth and poverty reduction.
The CPIA Africa report, launched in Accra, revealed that the average score for International Development Association (IDA) eligible countries in Sub-Saharan Africa (SSA) stayed at 3.1, the same as in 2022.
Despite a weak government debt policy, authorities are engaging with creditors for comprehensive debt restructuring. This aims to enhance transparency and align fiscal policy improvements with strengthening public sector management and institutions.
Ghana’s highest performance was in “Policies for Social Inclusion and Equity” with a score of 3.7, above the SSA average. However, its lowest score was in “Economic Management” at 3.4, slightly below the SSA IDA average of 3.2.
The report also highlighted the Bank of Ghana’s efforts to reduce inflation from 50 percent in November to 43.1 percent in December 2022 through tightening consolidation measures.
Ghana’s consistent performance amidst regional economic challenges underscores the resilience of its policies and institutions. Continued efforts towards fiscal transparency and debt restructuring are crucial for sustaining growth and development.
