Ghana must consolidate economy with oil wealth - Wolfensohn

Accra, Dec. 2, GNA - Ghana must strive to keep a healthy budget deficit and live within her means to enable the country use the oil revenue to strengthen the economy, Former President of the World Bank said on Thursday. Sir James Wolfensohn, made the observation during a courtesy call on the management and staff of Ghana Commercial Bank (GCB) at its Headquarters in Accra.

Sir Wolfensohn is in Ghana to attend the Millennium Excellence Awards scheduled for Saturday, December 4.

He said government must strive hard not to keep a recurring budget and trade deficit stressing that the factors had the potential to stagnate a country's socio-economic development.

Sir Wolfensohn described the discovery of oil and gas in commercial quantities as "fantastic" adding that the expected oil wealth offered the country the opportunity to develop all sectors of the economy. However, he cautioned the Government to rid its frontiers of corruption and strengthen institutions that managed women empowerment and children's welfare. Sir Wolfensohn underscored the fact that strong and exemplary leadership was crucial to the development of a country and urged Ghanaians not to be left out in the global quest for development. Speaking on development on the African continent, he said good leadership and respect for the rule of law were critical for the development of Africans stressing " leadership must be that of a private-sector-led". "There is no way Africa can succeed unless it develops good leadership," he said.

He said a strong and positive leadership skills in the private sector was the beacon of hope for the development of inhabitants on the continent. Sir Wolfensohn commended the management of GCB for its high market penetration and urged them to use their exemplary business leadership to set the pace for politicians to emulate for posterity and prosperity. Mr Simon Dornoo, Managing Director of GCB expressed appreciation for the visit of Sir Wolfensohn to the country and the bank. Management presented a plaque to commemorate the 77th Birthday of Sir Wolfensohn which fell on Wednesday December 1. 2 Dec. 10