Foreign aid may not be very helpful unless Ghanaians take the necessary steps to address their country’s economic problems, according to Pierre Laporte, the World Country Director for Ghana.
He said that while the World Bank provides the nation with funding on an annual basis, that is only one aspect of the answer.
In order to help enhance the business climate, we now provide roughly $500 million yearly to a variety of sectors, including roads, energy, water, health, education, skills, governance, and so on.
According to Mr. Laporte, “but in the end, we are only part of the solution,” myjoyonline.com.
“The solution really lies with Ghana, Ghana, and its people. We will be there with whatever we can do to support the new thinking to contribute to the development and to provide financing,” he added.
Pierre Laporte added that Ghana can overcome its current economic challenges despite the unfavourable risk conditions the country is facing.
He said: “High fiscal deficit and increasing public debt have elevated Ghana’s country risks, limited foreign direct investments in non-commodity sectors, and increased the cost of finance for many private businesses. But despite these challenges, I am convinced that Ghana can sustain its lower middle-income country status to become a fully-fledged middle-income country,” he said.
Meanwhile, since 1957, the World Bank has approved more than 260 projects and disbursed over $10 billion to Ghana.
“The World Bank Group will continue to support that process. I believe the World Bank has played a significant and positive role in Ghana,” he pledged.