Business NewsGeneral News

World Bank Director, Pierre Laporte, advocates prudent management of Ghana’s debt stock

Listen to this Article Now
Getting your Trinity Audio player ready...
Spread the love

Ghana Director of the World Bank, Pierre Laporte has disclosed that Ghana’s rising debt in the wake of the Covid-19 pandemic requires efforts from both creditors, tax payers and beneficiaries of government services to help avenge it.

He urged managers of the economy to lay out a roadmap to cushion the country’s economic growth to a state of equilibrium which does not undermine social protection and other key state interventions.

Mr Laporte said this when speaking in Accra at the opening of the 73rd Annual New Year School at the University of Ghana, Legon.

According to the World Bank Country Director, despite the negative impact of Covid-19 on the economies of tier 3 countries, ”Ghana’s fiscal condition exhibited signs of fragility even before the disease hit the world owing to high levels of borrowing which did not match the country’s revenue returns”.

He outlined the role of the World Bank towards the process of economy recovery, and said the options are available.