Ghana holds the solution to her economic challenges – World Bank Country Director

The World Country Director to Ghana, Pierre Laporte, has noted that until Ghanaians take the necessary measures to find solutions to its economic challenges, foreign aid may do little to help. He stated that the World Bank supports the country with funds every year, but that is only a part of the solution. “Today, we bring approximately $500 million annually in support of various sectors, including roads, energy, water, health, education, skills, governance, name it….to assist to improve the business environment. But in the end, we are only part of the solution”, Mr. Laporte is quoted by myjoyonline.com. “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. Pierre Laporte added that Ghana can overcome its current economic challenges despite the unfavourable risk conditions the country is facing. He said: “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,” he said. Meanwhile, since 1957, the World Bank has approved more than 260 projects and disbursed over $10 billion to Ghana. “The World Bank Group will continue to support that process. I believe the World Bank has played a significant and positive role in Ghana,” he pledged. SSD/BOG

The World Country Director to Ghana, Pierre Laporte, has noted that until Ghanaians take the necessary measures to find solutions to its economic challenges, foreign aid may do little to help. He stated that the World Bank supports the country with funds every year, but that is only a part of the solution. “Today, we bring approximately $500 million annually in support of various sectors, including roads, energy, water, health, education, skills, governance, name it….to assist to improve the business environment. But in the end, we are only part of the solution”, Mr. Laporte is quoted by myjoyonline.com. “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. Pierre Laporte added that Ghana can overcome its current economic challenges despite the unfavourable risk conditions the country is facing. He said: “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,” he said. Meanwhile, since 1957, the World Bank has approved more than 260 projects and disbursed over $10 billion to Ghana. “The World Bank Group will continue to support that process. I believe the World Bank has played a significant and positive role in Ghana,” he pledged. SSD/BOG