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World Bank To Help Stabilise Ghana’s Economy

World Bank To Help Stabilise Ghana’s Economy

From Ghana Web

World Bank President Jim Yong Kim has assured Ghana that the Bretton Woods institution will advance the necessary financial support to help stabilise Ghana’s troubled economy.

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 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, 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 program because of concerns raised by the EU. The European Union says it has fingered some alleged corruption associated with the country’s public payroll.

Read more at Ghana Web