Ghana’s economic situation is very serious, be transparent with citizens – World Bank to government

The World Bank has admonished the Government of Ghana to remain transparent with citizens on the country’s current economic situation.

According to Country Director of the World Bank for Ghana, Pierre Laporte predicts Ghana will face a tough time in its bid towards restoring macro-economic sustainability.

Speaking at a public lecture organised by the OneGhana Movement on Monday March 7, 2022, the World Bank Country Director described Ghana’s economic situation as ‘very serious’.

“Is it a really serious situation? Well, the numbers speak for themselves. 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,” Pierre Laporte cautioned.

“Yes, COVID-19 has not helped. But even before COVID-19, there were signs that the situation was getting a little bit challenging. So, the key thing is to be transparent with the people. Yes, the figures speak for themselves, but not everybody is as educated as we are. Not everyone understands what the numbers mean, so it is important to talk about it like we are doing. More important is for us to find solutions for the problem,” he added.

Meanwhile, on the international capital markets, investors have signaled uncertainty about Ghana’s economic outlook and prospects.

Key rating agencies such as Moody’s Investor Services and Fitch Ratings have all downgraded Ghana’s creditworthiness.

Already, government is struggling to approve key legislation in Parliament despite presenting its 2022 budget statement in November last year.