The World Bank has urged the country to take the ‘bull by the horn’ and lead the course to address challenges facing the economy.
The country has been hit by a high fiscal deficit, elevated debt and increased cost of financing.
But Country Director, Pierre Laporte, says though the World Bank will assist Ghana to address these challenges, the country and its citizens must solve the problems themselves.
“Today, we bring approximately $500 million annually in support of various sectors including roads, energy, water, health, education and skills, governance, name it….to assist to improve the business environment. But in the end we are only part of the solution”, Mr. Laporte disclosed at the re-launch of World Bank/ IMF Parliamentary Network.
“The solution really lies with Ghana, Ghana, and its people. We will be there with whatever we can do to support the new thinking to contribute to the development and to provide financing”, he added.
Despite these challenges, the World Bank Country Director is however optimistic Ghana can sustain its Lower Middle Income Status and move quickly to an Upper Middle-Income status despite the risks to the fiscal economy.
“High fiscal deficit and increasing public debt have elevated Ghana’s country risks, limited foreign direct investments in non-commodity sectors, and increased the cost of finance for many private businesses. But despite these challenges, I am convinced that Ghana can sustain its lower middle-income country status to become a fully-fledged middle-income country”. “The World Bank Group will continue to support that process. I believe the World Bank has played a significant and positive role in Ghana”.
The World Bank has since 1957 approved more than 260 projects and disbursed over $10 billion.