World Bank assures Prez. Mahama of help

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President Mahama making a remark during a roundtable discussion on delivery. With him are the Malawian President, Joyce Banda and the World Bank President_0World Bank President Jim Yong Kim has assured Ghana that the Bretton Woods institution will advance the necessary financial support to help stabilize Ghana’s troubled economy.

Mr. Kim gave the assurance at a meeting with President John Mahama this week.

The meeting was aimed at addressing the current challenges facing Ghana’s economy.

Ghana’s economic growth has been slowing and its budget deficit has been at double-digit for two years running, with a stockpile of payment arrears.

The country’s external current account deficit has been ballooning as well while public debt has been rising rapidly.

The local currency had been depreciating rapidly for not less than 15 months until a letup recently.

Over the same period, inflation has risen steadily back to double digit.

For many, a World Bank assistance might be coming as good news, especially at a time when the country’s donor partners have frozen disburses.

There is also the possibility of missing an International Monetary Foundation (IMF) bailout programme because of concerns raised by the EU.

The European Union says it has fingered some alleged corruption associated with the country’s public payroll.

Joy Business has gathered that the EU’s concerns have forced the Washington-based lender to briefly hold on to the bailout negotiations.

Speaking to Joy Business after the meeting which went on for hours, Vice President of the Bank, Makhtar Diop said there still are some conditions that Government must first meet for the World Bank support to come.

He would not say when but assured the support would come soon.

The World Bank together with EU and other partners is expected to contribute about 2 billion dollars in financial support for an IMF programme.

Other persons present at the meeting were Vice President Kwesi Amissah Arthur, Finance Minister Seth Terkper and First Deputy governor of the  Bank of Ghana Millison Narh.

By: George Nyavor

ABOUT: Nana Kwesi Coomson

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A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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