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A revelation has been made by the World Bank indicating that Ghana’s economy started wobbling in the woods before the world started battling the Covid-19 outbreak.
World Bank country director Mr Pierre Frank Laporte revealed during a public lecture by the One Ghana Movement that, the current economic situation Ghana is faced with was expected
This follows the government’s constant blaming of the Covid-19 pandemic for the current economic woes of the country.
Which has impacted Ghanaians as they have to deal with the high inflation rate and cost of living.
Mr Laporte also indicated that 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 reiterated that finding a solution 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.”
Recently government was not enraged with some credit rating agencies after a general downgrading of Ghana’s long-term foreign currency sovereign rating.
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