World Bank’s $200m support: Timely boost for economy

Once again, the World Bank Board of Executives has approved a $200 million funded project from the International Development Association (IDA), to support Ghana’s development.

In the nutshell, IDA is expected to help promote private investment and firm growth in the non-resource base sectors of the country’s economy.

The assistance for non-resource base sectors will be done through an integrated programme, to build the country’s competitiveness and deliver sustainable jobs under the Ghana Economic Transformation Project (GETP).

The World Bank’s IDA, established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.

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Actually, the current IDA support is a vote of confidence in the Ghanaian economy, as government initiates aggressive programmes to facilitate business, and improve the welbeing of the people.

It is gratifying to note that the GETP is expected to support Ghana’s strategy of transforming the economy to achieve inclusiveness and sustainable growth, with the private sector as the main driver, to build the most business-friendly economy in Africa and foster competitiveness

This is another golden opportunity for Ghana to improve its economy by effectively executing the GETP, to enhance the business environment, and further build capacity for the country, to continue to woo investors into the country as well as develop the Special Economic Zones, to address factors militating against access to industrial land for investment.

Pierre Laporte, World Bank Country Director for Ghana, Liberia and Sierra Leone has said it all, when he advised that “Ghana needs to invest more, diversify, and increase productivity if it is to achieve the government’s current strategy of transforming the economy through higher, inclusive and sustainable growth with the private sector as the main driver”.

But, it is such an ambitious private sector project that would require a high level of coordination and ownership to ensure a successful execution.

Another good news for Ghana is that the interventions under the project are complementary to initiatives of other development partners focusing on the investment climate, skills development, industrial parks, access to finance, agricultural value chains and climate

Indeed, all that we need is transformed economy, to add more creativity and make it inclusive for sustainable development.

The country envisages more jobs under these initiatives and competitiveness of the economy.

The Word Bank support is an opportunity for the private sector to position itself properly and take advantage of, and demonstrate its ingenuity and vibrancy, to contribute effectively to the economy.

This is line with the Coordinated Programme of Economic and Social Development Policies 2017-2024, which envisions a new direction for national development, to create conditions for the Ghanaian privates sector, to propel growth and create ample employment opportunities, especially for the youth.

Government’s investment drive is encouraging and we urge the authorities to hasten efforts to ease efforts at doing business in the country.

Ghanaian Times wishes to encourage stakeholders in the private sector, especially foreign investors that Ghana is the right destination for doing business, given the peaceful and stable environment coupled with good democratic credentials.

We are convinced the financial support of the World Bank if well utilised would be a big plus for the economy, especially for the private sector, which is the engine of economic growth towards the creating of more jobs and improvement in the standards of living of the people..

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