The World Bank’s claims about Ghana’s economy have the support of an economist named Lord Mensah.
He claims that the World Bank, an external organization, provides an accurate assessment of the nation’s debts and growth prospects.
He pointed out that in their accounting of the nation’s indebtedness, Ghana’s stakeholders do not accurately reflect the country’s predicament.
As an external stakeholder in this economy, it is expected that they will occasionally visit and share their insights on the Ghanaian economy.
Myjoyonline.com quotes him as saying, “Truly, what they said is a mirror of what is happening on the premises.
He added that: “Looking at our debt, I think we’ve been calculating our debt without the contingent liabilities over the years, and if I say contingent liabilities, what I mean is the liabilities that have some inflows to them so we think it is not debt.”
“And we should know that all those inflows that are tied to this debt operate under a certain umbrella which is the economy. So, if the economy is not doing well, obviously those inflows will also be impaired and it can affect your debt payment,” Lord Mensah explained.
The World Bank in the latest report stated that Ghana is currently a high-debt-distressed country with a debt-to-GPD ratio of 104%.
Meanwhile, data released by the Bank of Ghana suggested that Ghana’s public debt stands at GH¢402 billion representing 68% of GDP.