The Country Director for World Bank, Frank Laporte, has urged Ghana to be careful with its rate of borrowing.
Describing the country’s debt situation as “moderate to high risk of debt distress,” Laporte said he is confident the Finance Minister, Ken Ofori-Atta and his team are fully aware of that, adding he is in constant communication with them.
He added that borrowing is not always a bad thing but it must be done “on the right terms; most favourably as possible and in the right amount and in the right way.”
Mr. Laporte was speaking when he paid a courtesy call on Speaker of Parliament, Prof. Mike Oquaye. The Speaker cautioned the World Bank against using aid to pressure developing countries to accept Western cultures like homosexuality.
In response, the World Bank Country Director said as long as countries do not go to the extremes [in their dealings with homosexuals], there will be no issues.”
Borrowing is important to transform Ghana’s economy
Speaking on JoyNews’ weekly analysis show, Newsfile on Saturday, Finance Minister, Ken Ofori-Atta noted that borrowing is important in Ghana’s quest to become an export-driven economy.
“The issue is that you should not borrow but you should borrow with care,” he told the host, Samson Lardy Anyenini.