Business News Tue, 18 Sep 2007

Ghana and the World Bank: 50 Years of Reliable Partnership

On September 20, 1957, Ghana signed World Bank Articles of Agreement, becoming the 64th member of the Bank Group. 50 years on, over $ 5 billion in loans and grants have enabled Ghana to advance development and reforms in all spheres of her economy, beginning with assistance for the Akosombo Hydroelectric Power Dam Project.

And since 1983, when the Economic Recovery Program was launched to save the economy from collapse, emphatic results have been recorded, in spite of periodic lapses:

Today, Ghana is one of the best-performing economies in Africa Overall poverty has declined from 52 percent in 1992 to 28 percent in 2006, and Ghana is on course to exceed the 2015 MDG of halving her poverty. Real GDP growth averaged 5% over 1983-2006. Since 2005 it has hovered at 6%. Following successful HIPC debt relief in 2004, and further cancellations by donors, Ghana?s external debt, about $6 billion at 2001, is almost entirely written off.

Good results from the Growth and Poverty Reduction Strategy have enabled a stable economy, with inflation and interest rates nearing single digits. Ghana looks determined for economic takeoff. But with many tough challenges to deal with, a lot has to be fixed right and now. It is time to focus on delivering quality in several areas like education, health, water, sanitation, energy, transport; and corruption should be fought on all fronts.

Attached below is the Act of Parliament of 1957 which paved the way for Ghana to join the Bank, the Fund and IFC. Also attached are links some useful links to enable you know more about the Bank's activities in Ghana.




(See attached file: WB,IMF,IFC 1957 Act.pdf) (See attached file: WB,IFC,1MF Subsidiary 1957 Legislation.pdf) (See attached file: Overview - Ghana & WB @50.doc)





Source: Kafu Kofi Tsikata