- The World Bank is warning government against competing with the private sector
- President of the bank, Jim Yong Kim, says a move to do so risks decreasing Ghana’s credibility
Head of the World Bank, Jim Yong Kim is warning of a dip in Ghana’s credibility if government considers competing with the private sector.
Speaking to a cross-section of the media at the just ended World Bank/IMF Spring meeting in Washington, Jim Yong Kim argues the need for government to ensure that the private sector booms.
“We have got to stop fighting each other for the low-hanging fruit projects. This is what is happening right now. if there is some project that looks like it could be commercially viable, meaning it could be financed by the private sector, all the development agencies run after it and fight over it and try to get their money in the door so they can get their money outside the door,” Jim Yong Kim revealed.
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The arguments made by the president of the World Bank fall in sharp contrast with government’s resolve to boost the private sector for the creation of jobs. President Akuffo-Addo has time and again revealed that “Ghana is open for business” considering the various tax incentives to the private sector and also the creation of an enabling environment for them to thrive.
Since the NPP administration took office in January 7, investor confidence is documented to have risen marginally with foreign direct investment claimed to have shored up since the independence era.
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