WB launches Global Development Finance 2007 Report

Accra, June 14, GNA - The World Bank's Global Development Finance 2007 report, has indicated striking performances in the economies of most countries in the Sub-Saharan African region.

According to the report, positive performance was more striking than the strong growths in Asia in terms of dynamic policies and programmes that were geared towards economic reforms.

Mr. Hans Timmers, a World Bank Consultant on the Global Development Finance 2007 Report, told experts at the launch on Thursday that growth was projected to remain strong in reform-oriented economies such as Burkina-Faso, Mali, Mozambique and Tanzania, while robust government spending ahead of elections should boost output in countries like Senegal and Ghana.

He mentioned that Ghana had been a leading example among countries in Sub-Saharan Africa to pursue policies that were geared towards reducing inflation to strengthen its currency, lower lending and interest rates of financial institutions as well as liberalised its economy to attract foreign investment.

He noted that the measures, if sustained could lead to high growth in development of its economy by way of trans-border trading. The Report, which reviewed analysis and outlook of the globalisation of Corporate Finance in Developing countries, highlighted on the need for developing nations to lay down basic building blocks that would enable them to have access to international finance for their development.

Mr. Timmers however, stated that in spite of the promising economic growth throughout the African continent there were still multiples and diverse obstacles such as political turmoil which remained high and were undermining growth in countries like Chad, Eritrea, Nigeria and the Democratic Republic of Congo.

He stated that the benefit of globalisation of corporate finance was enormous and important to help poor economies such as that of developing countries to access international financing to support its development programmes.

Mr. Kwame Essilfie Adjaye, Economist, Consultant and Advisor to the Government of Ghana, said government needed to do more than just putting in place basic building blocks to enable it to access international financing.

He challenged financial institutions and the private sector in the country to take advantage of the benefits of globalisation and network with international financial bodies to expand their capital. He also called on well structured companies that were not listed on the Stock Market to do so as it offered them good opportunities to operate and manage their businesses in a manner that they could even be recognised in future on the world trade market. 14 June GNA