Ghana Could Get $300 Million From World Bank By September: Country Director Laporte Explains What's Needed

Ghana Could Get $300 Million From World Bank By September: Country Director Laporte Explains What's Needed

  • World Bank Country Director Pierre Laporte has disclosed that Ghana is very likely to receive $300 million by the end of 2023
  • The money would be part of a $1.1 billion World Bank facility available to the country to support its annual budget
  • Laporte said Ghana must first present a robust reform programme that tackles four key challenges before the money can be disbursed

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Ghana could receive the first part of a $1.1 billion World Bank facility, estimated at around $300 million, by September 2023, pending the finalisation of a crucial agreement on conditionality.

World Bank Country Director for Ghana Pierre Laporte disclosed what is left for Ghana to do is to present a robust programme on key reforms to be able to receive the money for budget support.

Pierre Laporte says Ghana could receive $300 million by September 2023.
Pierre Frank Laporte (L) and a creative image showing $100 bills falling from the sky. Source: Facebook/@MANHYIAPALACE, Getty Images.
Source: UGC
"It may be September, it may be October, but we’re hoping we need to do it this year because IMF has factored it into its financing gap,” Laporte told PM Express, a current affairs programme on Joy News.

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Ghana must focus on these 4 areas in its reform package

Pierre Laporte said Ghana needs to focus on domestic revenue mobilisation, private sector development, social protection projects and economic growth in the reform package to facilitate the disbursement of the $300 million.

"We want to discuss with the government certain reforms in the investment climate, because what brings you FDI is a good sound investment climate and today there are areas that Ghana needs to do more," he said.

Prof Hanke ranks Ghana as the 15th-most miserable country in the world

Meanwhile, in a separate story, has reported that Prof Steve Hanke launched another attack on Nana Akufo-Addo's management of the Ghanaian economy.

Commenting on Ghana's 15th position on the Hanke's Annual Misery Index for 2022, the John Hopkins University scholar said President Akufo-Addo is incompetent.

Per the latest misery index, Ghana is the most miserable country in the West African sub-region.

Akufo-Addo declares plan to return to the international market to borrow

Also, has reported that the president has disclosed that Ghana is willing to return to the international market to borrow to build the infrastructure of the country.

According to Akufo-Addo, it is advantageous to borrow from the international market because there are "global savings".

The president made the comment when he spoke with Bloomberg TV's Jennifer Zabasajja, on the sidelines of the Qatar-Africa Economic Forum in Doha on Wednesday, May 24, 2023.

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