The World Bank has assured Ghanaians that it will not support anything that will put the country in jeopardy, but only the right reforms that are needed for the country's development.
The assurance was made by Pierre Frank Laporte, the Country Director of the World Bank in Ghana, in an interview with Accra-based JoyNews on Thursday, June 1.
“We will not support things we know is not right and will put the country in jeopardy,” he noted.
According to Laporte, the World Bank always felt that Ghana needed the International Monetary Fund (IMF) despite all the controversies and politics surrounding the issue.
“Despite all the controversies and the politics we always felt that where Ghana was, it needed the IMF,” he said.
He explained that the move was important due to the depletion of the country's reserves.
"This is important because of the depletion of the reserves. This will help shore up things. These are reforms that are needed for the country. We don't come in to press your neck under the table, we only suggest what you should do to bring you back to sustainability," Laporte said.
He further stated that the World Bank does not undertake any project without engaging the citizens. He stressed that he will not approve a project at his level if he feels that the citizens have not been engaged enough.
However, he acknowledged that there are instances where the Bank feels it could have done more in engaging citizens further.
"We don't do any project without engaging the citizens. I will not approve a project at my level if I feel the citizens have not been engaged enough but there are instances we think we could have done more," he said.
Mr. Laporte assured Ghanaians that the Bank's support is aimed at promoting sustainable development and economic growth in the country, while indicating that the Bank will give Ghana a tranche of 300 million US dollars in September this year.
The Executive Board of the International Monetary Fund (IMF) recently approved a 36-month arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 2.242 billion (around US$3 billion, or 304 percent of quota) for Ghana.
The program is based on the government’s Post COVID-19 Program for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability, and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.
The Executive Board's decision was followed by an immediate disbursement to Ghana equivalent to SDR 451.4 million tranche (about US$600 million) as first tranche of the 3billion dollars.
It is expected that the Bank's support, together with that of the IMF, will help restore macroeconomic stability and debt sustainability in Ghana, and promote stronger and more inclusive growth.