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Don’t blame Ghana’s economic woes on COVID-19 – World Bank Director to govt

The World Bank Country Director for Ghana, Mr Pierre Laporte has said that the country’s current economic challenges precede the COVID-19 pandemic.

Country Director of World Bank

He said the economy has been on a nosedive way before the pandemic struck in early in 2020.

Speaking 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’, he said Ghana’s economic situation is very serious.

“Is it a really serious situation? Well, the numbers speak for themselves”, he noted, emphasising: “The situation is very serious”.

“At the World Bank, we’ve not hidden the fact when we’ve held discussions with government officials and even the head of state that Ghana faces a very tough road ahead to restore macro sustainability,” Mr Laporte noted.

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“Yes, COVID-19 has not helped but even before COVID-19, there were signs that the situation was getting a little bit challenging”, he noted.

“So, the key thing is to be transparent with the people”, he advised.

“Yes, the figures speak for themselves but not everybody is as educated as we are”, Mr Laporte pointed out.

“Not everyone understands what the numbers mean, so, it is important to talk about it like we are doing”, he noted.

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“More important is for us to find solutions for the problem,” he added.

The government has largely blamed COVID-19 for the challenges the economy is going through.

It has also, recently, expressed discontent with some credit rating agencies after a general downgrading of Ghana’s long-term foreign currency sovereign rating.

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