The World Bank has indicated that Ghana’s economy was struggling before the outbreak of the COVID-19 pandemic.
Speaking at a public lecture organized by the One Ghana Movement, the World Bank Country Director, Pierre Laporte, said recent economic woes were expected.
The government has largely blamed COVID-19 for the challenges the economy is going through.
Ghanaians are currently contending with high inflation and a rising cost of living.
Mr. Laporte said his outfit had spoken to the Finance Minister, who “acknowledges the severity of the situation.”
“Yes, COVID-19 has not helped, but even before COVID-19, there were signs that the situation was getting a little bit more challenging. The key thing is to be transparent with the people”, he noted.
“Is it a really serious situation ? Well, the numbers speak for themselves. The situation is very serious. At the World Bank, we’ve not hidden the fact when we’ve held discussions with government officials and even the head of state that, Ghana faces a very tough road ahead to restore macro sustainability.”
Mr. Laporte also stressed that finding solutions was key
“Yes, the figures speak for themselves, but not everybody is as educated as we are. Not everyone understands what the numbers mean, so it is important to talk about it like we are doing. More important is for us to find solutions for the problem.”
The government recently expressed discontent with some credit rating agencies after a general downgrading of Ghana’s long-term foreign currency sovereign rating.