President Akufo-Addo with Makhtar Diop, World Bank Veep for Africa
Makhtar Diop, World Bank’s Vice President for Africa, has commended President Nana Addo Dankwa Akufo-Addo for his decision to collaborate with
the private sector to grow Ghana’s economy, given Ghana’s high levels of indebtedness and the lack of fiscal space.
According to Mr Diop, the financing needs that Ghana requires to grow the economy cannot be attained through public financing due to the high level of indebtedness that Nana Addo inherited.
“So we need to help create all the conditions for the private sector to lead this process,” Mr Diop stated.
The World Bank Vice President disclosed this yesterday at the Flagstaff House when he paid a courtesy call on President Nana Akufo-Addo to extend the bank’s support towards helping to address the numerous challenges confronting the Ghanaian economy.
He, therefore, pledged the support of the World Bank – experience, technical and monetary – to helping the government of Ghana succeed.
He added that the World Bank was also amenable to helping Ghana to process its cocoa so as to depart from being a mere exporter of cocoa beans, akin to the support given to Cote d’Ivoire, which had 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.
Makhtar Diop congratulated President Akufo-Addo and Ghana for being an example in Africa on how democracy and political transitions can be held successfully.”
President Akufo-Addo thanked Makhtar Diop for 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.”
The President commended the World Bank for its commitment towards the realization of government’s vision of a private sector-driven economy, explaining that despite the derailment of Ghana’s economy 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.
President Akufo-Addo noted that his government was 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 programmes, 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 added.
The President also reiterated his commitment to protecting the public purse and dealing with corruption through the office of Special Prosecutor which will be independent of the Executive.
“It will have the mandate to deal with issues of corruption and allegations of corruption against public office holders.”
A business desk report