Delays in GoldBod, energy and cocoa reforms threaten Ghana’s debt gains – World Bank

The World Bank has warned that delays in implementing critical reforms at the Ghana Gold Board (GoldBod), the energy sector and the cocoa industry could pose a significant threat to the country’s hard-won macroeconomic stability and debt sustainability gains.

The caution is contained in the World Bank’s 10th Ghana Economic Update, published in August 2026, which identifies delays in executing necessary reforms as a notable domestic downside risk to Ghana’s economic recovery.

The report indicates that quasi-fiscal pressures linked to the energy sector, COCOBOD, GoldBod-related operations, state-owned enterprises and the ongoing financial sector restructuring remain significant and insufficiently monitored sources of fiscal risk.

“Failure to manage these pressures proactively could undermine debt sustainability gains that have taken three years of difficult adjustment to secure.”

The caution comes after a prolonged period of fiscal consolidation during which Ghana undertook difficult measures to stabilise public finances and restore investor confidence.

The concern is that financial obligations or losses arising from these entities could eventually place additional pressure on government finances if they are not adequately captured in the country’s fiscal framework.

For the World Bank, persistent financial challenges from the energy sector could translate into additional government support or liabilities, while COCOBOD’s financial position remains important given the sector’s size and its role in the broader economy.

GoldBod-related operations are also emerging as an area requiring careful monitoring as the institution plays a growing role in Ghana’s gold trading and foreign-exchange strategy.

Stronger fiscal risk architecture

The Bank is therefore calling for a more robust fiscal risk management system that systematically discloses contingent liabilities and incorporates potential risk scenarios into the national budget.

It also wants clearer accountability mechanisms for the performance of state-owned enterprises.

According to the report, these measures would allow the government to better anticipate and manage financial pressures before they spill over into the public finances.

“Key priorities include building a more robust fiscal risk architecture covering systematic disclosure of contingent liabilities, integration of risk scenarios into budget planning, and clear accountability frameworks for SOE performance”, the report added. 

Source: Citinewsroom