"We support your vision" - World Bank Veep tells President Akufo-Addo

The World Bank’s Vice President for Africa, Makhtar Diop, has pledged the support of the World Bank with its experience, technical and monetary to helping the government of Ghana succeed. 

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 also applauded the decision of President Akufo-Addo to stimulate private sector activity to be the instrument of growth for the Ghanaian economy, explaining that this decision was prudent, considering Ghana’s high levels of indebtedness and the lack of fiscal space. 

Mr. Makhtar Diop made the promise when he paid a courtesy call on the President Nana Addo Dankwa Akufo-Addo, on Tuesday, April 4, 2017, at the presidency to extend the support of the Bank towards helping to address the numerous challenges confronting the Ghanaian economy. 

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 added. 

Mr. Makhtar Diop noted that 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. 

Makhtar Diop congratulated President Akufo-Addo and Ghana “on being an example in Africa on how democracy and political transitions can be held successfully.” 

For 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.” 

President Akufo-Addo expressed his appreciation 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 potentials', 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 programs, 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 stated. 

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.” 

Present at the meeting were Vice President Dr. Mahamudu Bawumia; Chief of Staff, Akosua Frema Osei Opare and Finance Minister, Ken Ofori-Atta.



GBC