Accra: A research analyst at the Institute of Statistical, Social and Economic Research (ISSER), Professor Charles Ackah, has issued a cautionary statement regarding Ghana's economic trajectory. He warns that if the current long-term economic growth trend persists, it could take Ghana up to 70 years to attain an upper-middle-income status.
According to Ghana Web, Professor Ackah, during an interview on Channel One TV on Wednesday, August 5, 2026, highlighted that the nation's average annual growth in income per person over the past 65 years has been insufficient to drive rapid economic transformation. Ghana has recorded an average annual per capita GDP growth rate of only 1.15%, a figure that pales in comparison with many fast-growing economies during the same period.
Professor Ackah emphasized that numerous countries have achieved significant economic transformations by maintaining much higher long-term growth rates. He pointed out that while other countries have enjoyed annual growth rates of 6.6%, 5%, 4%, and 3%, Ghana's 1.15% is inadequate for transitioning to a high-income economy within the next 20 to 25 years.
Despite experiencing periods of strong economic growth, including instances where GDP growth exceeded 11%, Ghana has struggled to sustain these gains to improve its long-term economic performance significantly. Prof. Ackah cautions that if the current pace continues, the transition from a lower-middle-income to an upper-middle-income country will remain sluggish.
Using China and Botswana as examples, Professor Ackah illustrated how sustained economic progress is achievable through strong long-term growth. China recorded an average annual per capita growth rate of 6.6%, while Botswana averaged about 4.77% by effectively utilizing its natural resources, surpassing even Hong Kong's long-term growth.
Additionally, Professor Ackah noted that Ghana's GDP per capita, measured by purchasing power parity (PPP), was approximately 8,000 international dollars in 2024, falling below the 10,000 international dollars average for lower-middle-income countries. In contrast, China and South Korea have reached about 38,000 and 61,000 international dollars, respectively.
He further highlighted the economic divergence since independence in 1960, when Ghana's GDP per capita was about US$176 compared to South Korea's US$158. The two nations have since embarked on drastically different economic paths.