• Mon. Aug 15th, 2022

More suffering ahead – World Bank blows alarm over Ghana’s poor economy

According to the World Bank, even if COVID-19 did not improve Ghana’s economic status, the economy had been deteriorating for some time before the pandemic.

Mr. Pierre Laporte, World Bank Country Director for Ghana, said Ghana’s economic situation is very serious at the 65th Independence Day Lecture held at the Economics Department of the University of Ghana, Legon, on Monday, March 7, 2022, on the’state of the nation’s economy and politics, 65 years after independence, the path to sustainable development and democratic consolidation,’

“Is this a truly dire situation?” “The numbers speak for themselves,” he said, underlining that “the situation is quite bad.”

“When we’ve held meetings with government officials and even the president of state, we’ve not obscured the fact that Ghana confronts a very difficult road ahead to restore macro sustainability,” Mr. Laporte said.

Although COVID-19 bears some responsibility for the current scenario, in his opinion, the writing was on the wall long before the epidemic began.

“Yes, COVID-19 hasn’t helped,” he said, “but there were signals that the situation was getting a little bit tough even before COVID-19.”

“The most important thing is to be open with the people,” he urged.

“Yes, the numbers speak for themselves,” Mr. Laporte said, “but not everyone is as educated as we are.”

“Not everyone understands what the numbers represent,” he explained, “so it’s vital to talk about it as we are.”

“More important,” he continued, “is for us to find answers to the problem.”

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