World Bank chooses Ghana as benchmark to assess effectiveness of fresh grants to developing countries

The World Bank has settled on Ghana as a model country to assess the impact of the effectiveness of fresh grants to developing countries.

According to the Country Lead Economist, Aurélien Kruse, this is part of an analysis to measure the impact of its support to developing countries in fighting the Covid-19 pandemic.

Speaking at the maiden Presidential Business Summit he said, “we’re embarking on a new analytical cast for which Ghana has been selected as the pilot. The report is titled Country Climate Development Report. This analysis is important because the health crisis has also presented an opportunity to build back better economies.”

“Indeed, we believe that Covid-19 recovery measures can play a role in making an economy more resilient and sustainable. In Ghana’s case, these measures are allowing the country to leapfrog to the frontier in terms of its development path”, he explained

Meanwhile, President Akuffo Addo has reiterated government’s commitment to intensify dialogues with the private sector to increase public private partnerships.

Speaking at the same event, he assured that the outcome of the deliberations will be prioritized to provide actionable solutions to support the development of the country.

“The strong rebound in growth, low inflation rate, the stable currency, the strong reserved position and FDI inflows are indications of our collective desire to restore the Ghanaian economy to a path of sustainable stability and growth. We will continue to strengthen engagements with the private sector towards realizing this goal.”

“The thematic areas and sectors selected for this summit have been carefully chosen to ensure that the outcome would be an actionable business plan with clear commitment from both government and the private sector”, he added.

Vice President of the Ghana National Chamber of Commerce and Industry, Victoria Hajar charged government to reassess strategies and projects critical to the revival of the economy.

“Government’s response to the pandemic [Covid-19] in consultation with key stakeholders has been exceptional and has resulted in a number of initiatives including but not limited to the stimulus package; Ghana CARES Programme, ease of transaction and/or waiver of reduction of online transactions and 1.5% decrease in the policy rate. Nevertheless, the disruptions and opportunities brought to the fore of Covid-19 has exposed the need to reassess strategies, programmes and projects critical to building resilience of the Ghanaian economy,” she said.

The Presidential Business Summit is an initiative by the Ministry of Trade and Industry to create a platform for players in the private sector to deliberate and suggest actionable plans for a better economy.