WORLD BANK OFFERS TO HELP GHANA TACKLE ECONOMIC CHALLENGES

ACCRA, World Bank Vice-President for Africa Makhtar Diop has extended the Bank’s support to HELP address Ghana’s numerous economic challenges.

The Bank was concerned about Ghana, “one of the engines in the sub-region”, and was determined to help the country emerge from its current situation, he said when he called on President Nana Addo Dankwa Akufo-Addo at the president’s office at Flagstaff House here Tuesday.

Commending the president for his decision to grow Ghana’s economy by stimulate private sector activity, he said such a decision was prudent, considering Ghana’s high levels of indebtedness and the lack of fiscal space.

“The financing needs that the economy must have to sustain the growth that is envisaged for Ghana cannot be attained through public financing, due to the high level of indebtedness that you inherited. So we need to help create all the conditions for the private sector to lead this process,” Diop said.

He pledged the support of the World Bank in experience, technical and monetary resources to helping the Government of Ghana succeed. The Bank is also willing to help Ghana process its cocoa locally to graduate from being an exporter of cocoa beans, similar to the support given to Cote d’Ivoire, which had received a 120 million US dollars facility to boost value-addition for its cocoa industry.

“Your vision is very clear, and we are supporting it. We have discussed with your team the options from which we can help you address the difficult situations you are facing today. You can count on our full support to be with you and to work with you towards a lasting solution,” Diop said.

President Akufo-Addo was thankful for the commitment of the World Bank towards the realisation of his vision of a private sector-driven economy, explaining that despite the promise of Ghana’s economy being derailed in recent years, he was confident of the return of the country to the path of progress and prosperity.

Source: NAM NEWS NETWORK

   

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