Economic Challenges Not Peculiar to Ghana--World Bank

By Edmund Mingle

The World Bank says the economic challenges facing Ghana are not peculiar to the country.

According to World Bank President, Jim Yong Kim, the current economic difficulty is a global economic phenomenon which many countries were dealing with.

Mr. Yong Kim (left) and Vice President Amissah-Arthur
after their meeting in Accra

Addressing a news conference with Vice President Kwesi Amissah-Arthur at the Flagstaff House in Accra on Thursday during his visit to Ghana to announce the bank’s additional 100million dollar package to aid the fight against the Ebola disease, Mr. Kim described the current global economic phenomenon affecting Ghana as “complex.”

“My view of the situation in Ghana is that there is the need for fiscal consolidation while at the same time government needs to investments so that the economy can grow.

“This is a challenge that many economies in the world, including in Europe, are facing, so this is not unique to Ghana,” he said, and lauded the remedial measures being pursued by the government.

To assist in addressing the challenge in Ghana, he said the bank was providing intensive support to the country citing the bank’s assistance on the Ghana infrastructure facility “where we are trying to ensure that investments in growth enhancing infrastructure continue to be made while necessary fiscal consolidation also happens.

He said the solution was complex, but possible to work for Ghana.

He said the bank would continue to work extremely closely with Ghana, and in collaboration with the International Monetary Fund (IMF) to help in addressing the economic challenges the country was confronting.

“We are not going to take our eye off the ball in terms of supporting the Ghanaian economy, especially because of the sacrifices, and the generosity of the Ghanaian people in the middle of this Ebola crisis,” he said.

Ghana is currently negotiating financial and technical assistance from the IMF.

The government is aiming to secure about 800million dollars cash from the Fund to effectively stabilise the economy, and push it on the path of growth.