World Bank must amend its laws – Ken Ofori-Atta

Business News of Monday, 2 October 2017

Source: citibusinessnews.com

2017-10-02

Finance Minister, Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta has called for a review of some laws of the World Bank to allow Ghana challenge some economic modules imposed on the country.

Ghana joined the World Bank in 1957 and has benefited from direct grants of over 9 billion dollars since it joined the bank.

Speaking at an event to launch the 60th anniversary of Ghana joining the World Bank, Ken Ofori-Atta maintained that some of the initial regulations of the World Bank are no more relevant in modern times, hence must be reformed.

“We have a slight difficulty with the bank. We joined the World Bank in 1957 and therefore fell into a certain group. This means we can never become executive directors all our lives. I think that is an issue that we need to think about to see what it is that we can do,” he suggested.

Mr. Ofori-Atta was of the view that some of the laws are no more relevant in modern times.

He pointed out that it is time for the bank to open it doors for criticisms and divergent views on policies and modules it impose on developing countries.

“We know there are issues of capacity constraints and that allows the mistakes that the World Bank made in the 1980s or 1990s because we are not able to challenge the orthodox that you bring. Like the SAP, and the ERP. It was made to appear like the gospel. There are always no other alternatives. There must be an honest discussion after 6 years,” he complained.

Mr. Ofori-Atta maintained that there can only be shared growth if developing countries are made to challenge and make recommendations on policies imposed on it.

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