Friday , March 29 2024

DIRECTOR OF WORLD BANK, COMMENDS GOVERNMENT OVER COMPLETION OF IMF PROGRAMME

World Bank country director commends government for the completion of IMF programme.

The country director of the World Bank, Pierre Laporte has commended, Nana Addo Dankwa Akufo-Addo, president of the Republic of Ghana  for a successful completion of the International Monetary Fund(IMF)programme which started somewhere in 2015.

This According to him, the Ghanaian economy has had a real turnaround over the past two years of which the economy is one of the fastest growing in Africa.

Speaking at a Roundtable workshop organised by the International Monetary Fund (IMF), Economic Governance Platform (EGP) and OXFAM under the theme ‘Tackling Ghana’s Political Budget Cycle: Lessons for Ghana Beyond The IMF held at the world Bank office here in Accra on Thursday July 11th 2019, he said the cedi has stabilised in the face of global volatilities whereas government has swiftly responded to the vulnerabilities in the financial sector.

He is of the view that the level of slippages in fiscal election cycles has increased, over the past decade, with the discovery of the offshore oil fields in 2017.

“One of the key challenges for Ghana’s future development path since 2000 is the fiscal increased sharply and above 5% of GDP in all the election years except for 2004”,  he opined.

The country director added that it is important for the government to leverage the opportunity that the fiscal responsibility law has created and ensure that fiscal sustainability can be maintained across economic and political cycles.

Mr. Pierre Laporte however stated that Ghana needs to diversify its economy and increase investment and productivity. This will require increased attention to skills and micro-economic reforms that is supporting SME development and entrepreneurship.

He also assured the nation of his outfit commitment in supporting the growth and development agenda including fiscal responsibility.

He concluded by thanking the IMF, Economic Governance Platform and OXFAM for organising such a workshop; “I’m hopeful that the discussions from the participants will provide the needed recommendations that will help solve the challenge of political budget cycles.

 

Story By: Hilda Sefarkor Adzokpa/pinkfmonlinegh.com

Check Also

NDC MPs ‘commission’ uncompleted National Cathedral

Some Minority Members of Parliament (MPs) led by North Tongu MP Samuel Okudzeto Ablakwa, have …