The World Bank has lauded the government of Ghana for instituting measures to bring the country’s economy back on track.
The World Bank said Ghana has a good record of impressive economic growth with Gross Domestic Product (GDP) growth averaging 7.3 percent over the past 10 years.
According to the global financial institution, Ghana is currently on course to on course to meet its macro-stability targets.
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The bank, however, pointed out at there are still challenges with certain areas, including supply of quality electricity to citizens.
Another shortfall that was highlighted was Ghana’s increasing reliance on natural resources and primary export of goods.
It added that the “Ghana Beyond Aid” agenda could be particularly given an uplift if the country’s private sector investments expand.
“We recognize that still more needs to be done to set the stage for what could be an unprecedented expansion of private investment, including that spurred by the CwA (Compact with Africa) initiative. Such investments could substantially enhance the “Ghana Beyond Aid” agenda and launch Ghana into the next major wave of poverty reduction and shared prosperity,” the Bretton Wood institution said.
Speaking at the Compact with Africa Ghana Investors Forum in Berlin, Germany, Country Director, Henry Kerali said the World Bank will continue to support Ghana to achieve its economic targets.
He said for there to be growth and job creation, Ghana needs to create the enabling environment for private sector investment.
“Ghana’s Government—like many others—seeks the support of the private sector to advance develop¬ment goals, including transformation of sectors that are critical to economic growth. Many businesses offer valuable skills, re¬sources, and access to markets—and many recognize that promoting sustain¬able development makes good business sense. This is in line with the World Bank Group approach on Maximizing Finance for Development,” Mr. Kerali added.
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