World Bank Director Endorses Ghana’s Economic Progress, Urges Continued Vigilance

Pierre Laporte, the World Bank Country Director, echoed the sentiments of Ghana’s Finance Minister, Ken Ofori-Atta, regarding the improved state of the Ghanaian economy. Laporte acknowledged that Ghana’s economy has notably “turned the corner,” pointing to improved macro-economic indicators such as reduced inflation.

However, Laporte emphasized the importance of maintaining and bolstering this newfound stability. Speaking on the PM EXPRESS BUSINESS Edition on Joy News, scheduled for December 21, 2023, he cautioned that the upcoming election year poses a significant risk to the current economic stability. He stressed the need for sustained fiscal discipline and earlier reforms to address economic challenges proactively.

Addressing the external shocks from the Russian-Ukraine war and the COVID-19 pandemic, Laporte acknowledged their impact but also highlighted the need for Ghana to enhance its revenue mobilization efforts to better shield the economy from future shocks.

While lauding Ghana’s economic resilience compared to other countries in the region, Laporte underscored the challenges faced by neighboring nations like Liberia and Sierra Leone, emphasizing the broader economic struggles resulting from the COVID-19 pandemic and other global crises.