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Business News of Wednesday, 26 April 2017

Source: Famous Kwesi Atitsogbe

World Bank confirms $2.2bn support to Ghana

Henry Kerali, Country Director for World Bank play videoHenry Kerali, Country Director for World Bank

Ghana will benefit from 2.2 billion dollars from the World Bank for next three 3 years according to the Country Director for World Bank, Henry Kerali.

Mr. Kerali, who made this revelation at the World Bank headquarters in Washington DC to a team of government delegation led by Vice President Dr. Bawimua, added that the World Bank group will provide more the 1.2 billion dollars for the public sector development and annual disbursement 400million dollars for the private sector development.

‘We have been able to confirm that the World Bank group will provide more than 1.2 billion dollars to Ghana for the public sector plus about 400 million dollars per year for the private sector over the next three years’ Mr. Kerali remarked.

Speaking to government officials in a closed-door-meeting, Mr. Kerali, lauded Ghana’s economic policy reforms to create growth and development, adding that the World Bank is also committed to supporting government realize its economic targets.

‘We are impressed with the reforms spearheaded by the new government’s economic management team led by the Vice President, Dr. Bawumia. We are also committed to ensure there is no irreversibility of policies with expenditure and revenue. The plans that you have, going forward are the plans we will commit to and make sure it works for Ghana’ Mr. Kerali remarked.

Issues discussed with government’s high profiled delegation ranged from energy, social services, health, education, infrastructure and particularly agriculture and agribusiness as well as challenges confronting these sectors.

The delegation also took advantage of the opportunity to share ideas on
government’s policy reforms and priority areas for economic development.

Mr. Kerali also endeared government to revamp its agricultural sector in order to mitigate the large amount of imported the food stuffs into the country
“Ghana imports 2 billion dollars’ worth of food every year so perhaps we could strengthen the agricultural sector. We have issues with social services, health and education and we could do more’ Mr. Kerali asserted.

Finance Minister, Ken Ofori-Atta also remarked that the country is getting into the second wave of the compact with the G20, disclosing that President Nana Addo is thinking of something he calls cascading, that is how he could create magnets in countries such as ours to attract the eight and half trillion dollars of funds in the world which are underperforming to support growth,

He also described engagements with the World Bank and International Monetary Fund (IMF) teams as “an outdooring”.