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Ghana's current economic woes not due to COVID-19 alone - World Bank

Pierre Frank Laporte121 Pierre Laporte, World Bank Country Director

Wed, 9 Mar 2022 Source: www.ghanaweb.com

Ghana's economic situation is very serious - World Bank

Ghana to face tough time in restoring macroeconomic stability - Pierre Laporte

Ghana is in crisis, accept it - Prof. Kwesi Botchwey to government


The World Bank Country Director to Ghana, Pierre Laporte, has indicated that the COVID-19 pandemic is not the sole cause of the current economic hardship being faced by Ghanaians, as some government officials have suggested.

According to him, even before COVID-19, there were signs Ghana’s economy was heading into trouble due to actions and inactions of the government, myjoyonline.com com has reported.

Laporte said that the current situation was very worrying, adding that it will be very tough for the government to avert the current hardship on Ghanaians.

“The situation is very difficult right now. Ghana faces a very tough road ahead to restore macro-sustainability.

“He (Finance Minister) acknowledges the severity of the situation. Yes, COVID has not helped, but even before COVID, there were signs that the situation was getting a little more challenging,” he is quoted.

The World Bank director urged the government to cut down its expenditure in order to make it possible to bring economic stability to the country.

Speaking at the Independence Day lecture in Accra, former Finance Minister, Professor Kwesi Botchwey, said that Ghana currently is in crisis and it is about time government realizes the problem and faces it squarely.

“We are in the crisis…We are unable to pay our bills, we are imposing hardship even on the vulnerable, contractors go unpaid, arrears are piling up and we have borrowed so much money that servicing it is going to create a huge problem, especially for younger generations.

"In any case, you have borrowed so much that we can’t go to that market anymore and even raising the revenue domestically is going to be a problem," Kwesi Botchwey stated.

Source: www.ghanaweb.com
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