We support your vision - World Bank Veep tells Prez Akufo-Addo

The Vice-President of the World Bank for Africa, Mr Makhtar Diop, has assured President Nana Addo Dankwa Akufo-Addo of the support of the bank to address the challenges confronting the Ghanaian economy.

According to Mr Diop, the bank was concerned about the challenges facing the economy, which he described as “one of the engines in the sub-region”.

Towards that end, he said, the bank was determined to help Ghana emerge out of its current situation.

Mr Diop announced this when he paid a courtesy call on the President at the Flagstaff House in Accra yesterday.

He also used the occasion to congratulate the President and Ghana “on being an example in Africa on how democracy and political transitions can be held successfully”.

Lucid vision

“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 work with you towards a lasting solution,” he said.

Mr Diop said it was a commendable act that President Akufo-Addo had decided to position the private sector as the engine of growth for the economy, describing that decision as prudent, considering the Ghana’s high levels of indebtedness and the lack of fiscal space.

“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 explained.

Cocoa beans processing

Mr Diop also hinted at the possibility of the bank helping Ghana to process its cocoa and depart from being a mere exporter of cocoa beans.

He recounted that Cote d’Ivoire had been given similar support in a $120-million facility to boost value addition for its cocoa industry.

He, therefore, pledged the support of the World Bank – experience, technical and monetary – to help the government of Ghana succeed.

President appreciative

President Akufo-Addo, for his part, praised Mr Diop for the role he was playing in the global financial organisation, adding that he (Diop) had gained the confidence of his peers and the admiration of the continent.

He was also appreciative of the commitment of the World Bank to the realisation of his (President’s) vision of a private sector-driven economy.

He said despite Ghana’s economy being derailed in recent years, largely as a result of its mismanagement, 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 was determined to create a conducive climate to stimulate private enterprise growth in the country.

Creating jobs and prosperity

“It is only when we grow the economy that we will create jobs and prosperity for the people,” he said.

He stressed the resolve to stamp out corruption and reiterated his commitment to protect the public purse and deal with corruption through the Office of the Special Prosecutor, which, he said, would be independent of the Executive.

 

President Akufo-Addo said the office would also have the mandate to deal with issues of corruption and allegations of corruption against public office holders.

The Vice-President of the World Bank for Africa, Mr Makhtar Diop, has assured President Nana Addo Dankwa Akufo-Addo of the support of the bank to address the challenges confronting the Ghanaian economy.

According to Mr Diop, the bank was concerned about the challenges facing the economy, which he described as “one of the engines in the sub-region”.

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