Recent positive signals in Ghana’s economy shows improvement – World Bank

The World Bank Country Director, Pierre Franke Laporte, has acknowledged recent positive signs amid Ghana’s economic recovery path.

According to him, the Ghanaian economy has reached a point where it can be described as having “turned the corner”, a similar assertion made by the Finance Minister, Ken Ofori-Atta.

Speaking during an interview on JoyNews’ PM Express Business Edition, Pierre Laporte said, “When you look at where Ghana’s economy was a year or two years ago and you look at the macro-economic numbers now, like inflation, you may come to accept that things have improved.”

He, however, pointed that more efforts and measures need to be expedited to ensure that the marginal economic stability is properly sustained while calling on government to adopt key strategies to achieve this stability.

“We still see the election year as one of the biggest threats to the marginal stability that we are witnessing. We have to do a lot to ensure that fiscal discipline is maintained,” he stressed.

The World Bank Country Director further suggested that if Ghana had implemented certain reforms much earlier, the economic situation would have been better than what it is at the present.

“Maybe the reforms should have been early enough to deal, with the challenges with the economy then,” Laporte said.

Meanwhile, Ghana’s economy is currently under an IMF programme for the 17th time. The country is expected to receive in tranches a US$3 billion bailout under an Extended Credit Facility for a three-year period.

MA/NOQ

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