The World Bank Country Director, Pierre Laporte, has affirmed the positive state of the Ghanaian economy.
Mr Laporte noted that the economy has genuinely improved to a certain extent. However, he emphasized the need for sustained efforts to ensure this marginal stability, especially as the country approaches elections next year.
The World Bank Country Director who was speaking on PM EXPRESS BUSINESS Edition 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”.
“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 added.
The World Bank Country Director also said “maybe the reforms should have been early enough to deal, with the challenges with the economy then”.
The government has previously attributed one of the significant economic shocks in recent times in Ghana to the Russian-Ukraine War and the COVID-19 pandemic.
However, some economists and analysts have criticized this explanation, contending that the government did not establish the necessary shock absorbers to protect the economy from such shocks.
But responding to the issue, the World Bank Country Director argued that, even though he believes there is some element of truth, “We didn’t do well in the area of mobilising the required revenue to support the economy.”
Mr. Laporte, however, applauded the country for turning the economic situation around.
“I am responsible for other countries in the region, and I still see how they are still struggling to recover.”
He added, “It has been very difficult in Liberia, in Sierra Leone. Things are very tough, these economies that were hit by COVID-19 are also struggling.”