The World Bank has reaffirmed its support for Ghana’s programme with the International Monetary Fund (IMF) that would see Ghana benefiting from a US$ 918 million bailout in the next three years.

Speaking via teleconference, the World Bank’s Chief Economist for Africa, Francois Ferreira however urged the country to take advantage of the programme, but with the fall in oil prices, he advised the country to save and invest its oil revenues.

Oil prices have dropped by 57% since June last year and a barrel of oil currently sells at about 58 dollars.

Consequently, the World Bank has projected a fall in the growth rate of countries in Sub-Saharan Africa from 4.5% last year to 4% this year.

The decline reflects the fall in oil prices and other key commodities. Many of these economies including Ghana’s are highly dependent on oil revenues with over 50% of their revenues coming from oil proceeds.

World Bank’s Chief Economist for Africa, Francois Ferreira emphasised the incredible importance of saving during good times so that economies could survive when hard times come.

 He maintained, “Recent gains for the poorest Africans must be protected in those countries where fiscal and exchange rate adjustments are needed”.

Punam Chuhan-Pole, a World Bank Lead Economist for Africa also asserts, “Large fiscal deficits and inefficient government spending remain sources of vulnerability for many countries of the region. It is urgent that these countries strengthen their fiscal positions and fortify their resilience against external shocks”.

In the fiscal year of 2015, the World Bank has delivered $15.7 billion in new lending for over 160 projects across Africa. These include a new record of $ 10.2 billion in zero-interest credits and grants from the International Development Association, the World Bank’s fund for the poorest countries.

The World Bank team also congratulated Ghana for its support to countries in the sub-region which were hit by Ebola