The World Bank’s Vice President for Africa, Mr. Makhtar Diop, on Tuesday, April 4, 2017, paid a courtesy call on the President of the Republic, Nana Addo Dankwa Akufo-Addo, to extend the support of the Bank towards helping to address the numerous challenges confronting the Ghanaian economy.
At the meeting, which was attended by the Vice President of the Republic, Dr. Mahamudu Bawumia; Chief of Staff, Akosua Frema Osei Opare; and Finance Minister, Ken Ofori-Atta; Mr. Makhtar Diop noted the World Bank was concerned about “one of the engines in the sub-region” and was, thus, determined to help Ghana emerge out of her current situation.
Applauding the decision of President Akufo-Addo to stimulate private sector activity to be the instrument of growth for the Ghanaian economy, he explained that this decision was prudent, considering Ghana’s high levels of indebtedness and the lack of fiscal space.
According to him, “the financing needs that the economy must have to sustain the growth that is envisaged for Ghana cannot be attained through public financing, due to the high level of indebtedness that you inherited. So we need to help create all the conditions for the private sector to lead this process.”
He, therefore, pledged the support of the World Bank – experience, technical and monetary – to helping the government of Ghana succeed.
Makhtar Diop added that the World Bank is also amenable to helping Ghana to process its cocoa, and depart from being a mere exporter of cocoa beans, akin to the support given to Cote d’Ivoire, which has received a $120 million facility to boost value-addition for its cocoa industry.
“Your vision is very clear, and we are supporting it. We have discussed with your team the options from which we can help you address the difficult situations you are facing today. You can count on our full support to be with you and to work with you towards a lasting solution,” he adde
Makhtar Diop congratulated President Akufo-Addo and Ghana “on being an example in Africa on how democracy and political transitions can be held successfully.”
On his part, President Akufo-Addo thanked Makhtar Diop for the gesture of his visit, and acknowledged the role he was playing in the global financial organization, adding that “you have gained the confidence of your peers and the admiration of the continent.”
The President was thankful for the commitment of the World Bank towards the realization of his vision of a private sector-driven economy, explaining that despite the promise of Ghana’s economy being derailed in recent years, largely as a result of the mismanagement of the economy, he was confident of the return of the country onto the path of progress and prosperity.
Describing Ghana as “a country of immense potential”, with “a people who are capable of working hard to produce a prosperous Ghana”, President Akufo-Addo noted that his government is determined to create a conducive climate to stimulate private enterprise growth in the country.
The ‘Asempa Budget’, which has been passed by Parliament, he explained, contains policy initiatives that will create the needed fiscal space for government to implement its programmes, as well as spur on the development of the private sector.
“It is only when we grow the economy that we will create jobs and prosperity for the people,” he added.
The President also reiterated his commitment to protecting the public purse and dealing with corruption through the “office of Special Prosecutor, which will be a creature independent of the Executive. It will have the mandate to deal with issues of corruption and allegations of corruption against public office holders.”
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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When will these politicians stop receiving loans? AABA. We must stop this chop, chop, steal , loot hid in abroad of monies being given to these so called Third World Country. After all these loans from the World Bank what can Ghana show? What is the level of inflation and unemployment?What is the level of sanitation in the city? What is the level of the economic situation of the country? Who is going to pay all these loans? Are these loans being used effectively? Can we trust Sheikh Akufo Addo and his professionals of nepotism to deliver? These are questions Ghanaians must confront.
AFRICA SHOULD STOP TAKING THE PAPERS FROM THE WORLD BANK AND IMF. IF WORLD BANK WANTS TO REALY HELP THEY MUST ALLOW US TO PRICE OUR OWN PRODCUTS LIKE GOLD OIL MANGENESE, BECAUSE WE CANNOT PAY FOR THE MERCEDES BASED ON OUR OWN PRICES. IF YOU FORCKS WANT TO HELP BRING US MACHINES FOR GOLD, TRUCTORS FOR MANGANESE, TRAIN COACHES FOR OIL. WE NEED THINS LIKE HOSPITAL EQUIPMENT AND QUALITY BUSES AND NOT PAPERS YOU PRINT INTO DOLLARS. 10% OIL DEAL IS ROBERY
ARRSSSS LIKER. BECAUSE OF THE PAPER PRINTED INTO DOLLARS YOU ARE PREPARED TO POST NONSENSIKAL COMMENT. THE WORLD BANK AND IMF ARE THE VERY REASON WHY WE SEEM POOR. THEIR AIM IS TO CREATE POVERTY AS HAS NEVER BEEN SEEN BEFORE IN AFRICA. BEFORE THE WHITE MAN CAME TO AFRICA THERE WAS NO POVERTY LIKE THIS. AND THEY WERE NOT RICHER THAN US. INFACT THE BLACK MAN HAS AND WILL ALWAYS BE STRONGER AND MORE POWERFUL THAN THE WHITEMAN. THAT IS WHY THEY THE WORLD BANK AND ALL THE FAKE AGENCIES LIKE IMANI GHANA AND OTHER FAKE FOREIGN AGENCIES LIKE USAID SEEK TO DEVIDE US WITH THEYRE CON TACTICS. THAT WILL NEVER STOP US FROM LOVING THEM IN RETURN FOR ALL THEIR EVILL DEEDDS GAINST US. THE LORD WILL CONTINUE TO PROTECT US EVEN THOUGH THROUGH DIABOLIKAL MEANS THE DOLLAR KEED RISING AGAINST THE CEDI MAKING EVERYTHING MORE EXPENSIVE. LETS FORK THE WORLD BANK AND THEIR BOLSHIT POLYCIES
I must acknowledge that the writer of this story did an awesome job. It details very creatively the essence of the meeting. Big ups! I am happy to also read about the support organizations like the IMF seek to bring on board to support the vision driven regime of Nana Akufo Addo. Better days ahead