The outgoing Country Director of the World Bank, Pierre Frank Laporte, is pushing back against accusations of inadequate intervention to prevent Ghana from facing its recent economic challenges.
Ghana’s recent economic challenges resulted in its designation as debt distressed by both the World Bank and the International Monetary Fund.
The country faced challenges such as inflation surpassing 50%, leading to debt restructuring due to difficulties in meeting financial obligations.
“Maybe government did not heed to our advice in terms of what they had to do to prevent the economy from going into that direction”, Mr. Laporte said.
Mr. Laporte, speaking on the PM Express Business edition with host George Wiafe on December 21, 2023, refuted claims that the World Bank could have utilized project funds to influence the government’s economic policies.
He clarified that the World Bank can provide advice but cannot impose economic policies on sovereign nations, emphasizing that decisions approved by the World Bank Board for projects cannot be altered in the host nation.
“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.
Addressing concerns about public criticism, Mr. Laporte stated that he preferred expressing criticisms in meetings and boardrooms to achieve results, rather than publicly criticizing the government.
He maintained that public criticism was not part of his duties as Country Director.
In advising the government to sustain recent economic gains, Mr. Laporte emphasized the importance of fiscal discipline, especially in an election year, to ensure the ongoing economic recovery is not compromised.
“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”.
Despite acknowledging the positive trends, he warned that without necessary measures, the situation could deteriorate.
Mr. Laporte assured that the World Bank remains ready to support Ghana to ensure that recent economic gains positively impact the lives of its citizens.