The World Bank has commended the government of Ghana for their efforts towards economic recovery.
According to World Bank Country Director, Robert Taliercio O’Brien, Ghana has managed to reduce inflation and expenditure last year which resulted in a 7.9 percentage point decrease in spending.
Speaking in an interview on Joy News’ PM Express on Thursday, Robert Taliercio O’Brien also commended Ghana for the implementation of domestic debt restructuring in 2023.
He said the country has made significant progress but there is more to do.
“Ghana has made progress to micro-economy stabilization and it is under way to recover and at the same time, there are more to do. In terms of the progress that has been made so far, inflation has been reduced, so it’s on a declining path, and it needs to keep declining. It’s still too high, but good progress is being made, thanks in part to the policy position of the government,” He said.
Adding that “The second thing that Ghana has made progress is debt restructuring. This is one of the critical reform areas in the country, so Ghana implemented the domestic debt restructuring in 2023 and reached an agreement under the G20 Common Framework with its official creditors Memorandum of Understanding restructuring official bilateral debt is also very important and it is now in progress.”
“As of June of this year, the government announced an agreement in principle with the commercial bondholders, which is the third piece of the debt restructuring program. So again, very good progress, but more to do. And lastly, a very critical point is fiscal consolidation. So we saw very important measures taken by the government to reduce expenditures last year, which resulted in a 7.9 percentage point decrease in spending. So this is a very significant effort the government has undertaken to put fiscal management back on track. ” Robert Taliercio O’Brien indicated.
Source: Elvisanokyenews.com
