Business News of 2014-04-13

World Bank boss suggests how Ghana can come out of economic doldrums

The World Bank President, Jim Yong Kim says Ghana is going through some economic challenges because it is not doing enough to check its rising debts and the weakening economic fundamentals.
Managers of Ghana’s economy have attributed the problems facing the economy to declining commodity prices and the US tapering program which has contributed to the Ghana cedis' decline by about 18 percent for the quarter of this year.
Some government officials had told JOY BUSINESS if it had not been for these external challenges, the economy would not have been experiencing these problems now.
But in a response to a question posed by JOY BUSINESS at the on-going IMF/Spring meetings in Washington D.C, Mr. Kim says examples from other developing countries on the contrary show that their currencies appreciated during this tapering exercise.
He therefore added that Ghana has been badly affected by these external factors because it has not managed its internal affairs that well.
“The outlook for emerging economies, the message is really get back to the fundamentals, tackle the basics; if the fundamentals are in good shape then the market would recognise that and punish Ghana less.”
Source: myjoyonline.com
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