Ghana is not the gateway to West Africa

In what can best be described as an honest yet disturbing truth, a senior government official, John Henry Mensah has stated that Ghana is not the gateway to West African neither is it the financial services hub for West Africa.

In his assessment of the Ghanaian economy after 50 years of partnership with the World Bank Group, Mr. Mensah who chairs the National Development Planning Commission (NDPC) said the country must be proactive in solving its problems, make private sector the cutting edge of the country?s development and ?objectively calculate our future and get more involved and secure adequate financing to push its development.?

Mr. Mensah was speaking at a ceremony to commemorate the 50th anniversary of the partnership between the Government of Ghana and the World Bank Group.

He described the 50 year relationship as somewhat sterile, explaining that it is because the partnership has not been able to bear the intended and desired fruits.

?It?s not that nothing has been achieved but the principal thing of transforming the structure of the economy has not occurred? he explained.

The former senior minister noted that the inability of people to afford quality education, have access to water, and poor energy supplies among other basic needs is the result of low income levels.

Mr. Mensah asked the World Bank to work out a partnership that will not just produce structural transformation of the economy but also help diversify the economy of Ghana.

He also called for the definition of new perspectives and a partnership that will conform to that of the President?s vision of moving the country into a middle income status country.

He stated further that Ghana needs to re-define and re-align with its international development partners and prioritize areas where the country needs to grow. Among these will be the development of other commodities apart from cocoa, gold, bauxite to help boost the economy.

The Government of Ghana on the 20th of September 1957 signed the World Bank Articles of Agreement and thus became the 64th member country of the World Bank Group. Over $5 billion in loans and grants has been issued to enable Ghana advance development reforms in all spheres of the economy.