The World Bank Country Director, Mr Pierre Laporte, has said the coronavirus pandemic came at a time when Ghana’s level of borrowing did not match
The World Bank Country Director, Mr Pierre Laporte, has said the coronavirus pandemic came at a time when Ghana’s level of borrowing did not match the required revenue mobilisation.
He said Ghana paid the price for this following the impact of the virus on the local economy.
Mr Laporte sympathized with the Finance Minister Ken Ofori Atta during these times of the economic challenges the country is facing owing to the pandemic.
He further indicated that efforts to boost revenue mobilsation by the government is not easy or popular but that is the way to go in order to get out of the shackles of the virus.
Speaking 73rd Annual New Year School and Conference in Accra on Tuesday, January 25, he said “Notwithstanding, Ghana’s Covid pre-growth, it came into the crisis with certain degree of fiscal fragility with a level of borrowing that was not matched to the required level of revenue mobilization especially and Ghana paid the price when the crisis hit.
“I am sympathizing with my colleague Finance Minister in the need for Ghana to to take the necessary steps to boost revenue mobilisation, it is not always easy or popular but it is the right way to go.
“Ghana’s population continues to grow and that means it is imperative to provide quality education , quality jobs. Climate change will continue to translate into warmer temperature and with more frequent and extreme climate events.
“Ghana needs to continue do its share to reduce emission but more urgently to adopt its system including agriculture, infrastructure.”
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