Outgoing World Bank Country Director, Pierre Frank Laporte, is disputing allegations of not taking adequate measures to avert Ghana’s recent economic crises.
Speaking on PM Express Business Edition on December 21, 2023, he said “We can advise. It is government decision to take the advice or not. One thing I can assure you is that we did everything in our power to prevent Ghana from getting to that state, he disclosed.
Mr. Laporte rejected the suggestion that the World Bank could have utilized project funds and other financial support as leverage to influence the Ghanaian government’s approach to managing the economy. He emphasized that decisions approved by the World Bank Board for projects are binding and cannot be altered in the host nation.
“I cannot sit in Ghana here and say that funds should not be approved”, he stressed.
“I am not the type of Country Director who will also go out in public and events criticise a government. I will rather do my criticisms in meetings and the boardrooms which will really get the results”.
The country’s economic challenges led to its classification as debt-distressed by the World Bank and the International Monetary Fund after conducting a Debt Sustainability Analysis on Ghana.
Key macroeconomic indicators, such as inflation exceeding 50%, and the government undertaking debt restructuring due to challenges in meeting debt obligations, have raised concerns about the country’s economic stability.
Mr. Laporte advised government to be strict on fiscal discipline to ensure that recent gains are sustained.
“It’s very important to focus critically on fiscal discipline, especially in an election year to ensure that the recovery that the economy is witnessing is not affected”.
Despite the recovery, he warned that things could get out of hand, if the necessary measures are not instituted.
“The World Bank also stands ready to support the country to ensure that the recent gains impact on the livelihood of Ghanaians”, he said.