The World Bank has called on stakeholders in the management of the Ghanaian economy to ensure there is value for money in public investments for the delivery of basic services to citizens.
Country Director of the Bank, Pierre Laporte, at the re-launch of the Ghana Chapter of the Parliamentary Network of the World Bank and the International Monetary Fund in Accra yesterday said that was the only way the country could be transformed.
“To really make a difference and together transform Ghana, we must really make sure that there is value for money in public investments for the delivery of basic services to citizens. We have worked on audit, public finances processes and so on and all of that is fine [but we must do more]” he said.
Mr Laporte added that “citizens all around Ghana including their Parliamentary representatives need to monitor what is being done. This monitoring could greatly contribute to getting the best value for money. If that happens, nothing can stop Ghana from reaching where it wants to be.”
According to him, there was no denying the fact that challenges remained because not everyone had a decent job, access to key services especially in new urban hubs with access to finance still tough for many new Ghanaian businesses.
“As we deepen our dialogue and support reforms in specific sectors, it is our hope that our work over the years, through the national budget, strengthens the way that sector ministries work with the Ministry of Finance to coordinate Ghana’s development agenda and achieve the results that Ghana has set out for herself,” a hopeful Pierre Laporte said.
Chairman of the Ghana Chapter of the Network, Kwaku Kwarteng, said the platform would provide the opportunity for improved engagement between the executive, legislature, the World Bank and the IMF to buy into government programmes and policies.
Mr Kwarteng who is also the MP for Obuasi West expressed the hope the platform would be used to facilitate smooth discussions to help address the acrimony that has characterised financial matters in parliament.
He entreated the World Bank to treat Ghana especially in the face of many demands on it from various countries for financial assistance post the COVID-19 pandemic and Russia military operation in Ukraine which had affected many economies.
“You have a global view of what is happening in the world but what we can only say is that treat Ghana especially in you programmes,” Mr Kwarteng, Chairman of the Finance Committee of Parliament urged.
The Network is an independent inter-parliamentary organisation aiming to increase transparency and accountability in international financial institutions notably the World Bank Group and the International Monetary Fund.
It consists of over a thousand legislators from 158 World Bank Group and IMF member countries.
Headquartered in Paris, France, the Ghana chapter of the Network was first launched in 2011 but could not be sustained.
Mr Kwarteng believes the re-launched Network would survive this parliament as other networks had done over the years.
BY JULIUS YAO PETETSI