‘Economic complacency’ could easily become Ghana’s worst enemy – IFC

The International Finance Corporation (IFC) has lauded the economic growth of Ghana alongside the competitive nature of its political system.

Ghana’s economy which is now middle-income, for some time now have been experiencing accelerated growth.

The World Bank in July 2011 classified the economic status of Ghana as a low-middle-income and the country is among six new entrants to get the status on the World Bank’s classification indicator.

According to the IFC, Ghana is a shining example of good economic growth for the continent.

But the private arm of the World Bank Group, indicated that as Ghana becomes a middle-income country, the stakes are greater, and there shouldn’t be complacency.

“As Ghana graduates to middle-income status, the stakes become higher and the challenges higher. Complacency could easily become Ghana’s worst enemy,” IFC Vice President for Africa, Jean Philippe Prosper, said in Accra August 13, 2013 during the official opening of the new office for the World Bank Group.

According to Mr Prosper, Ghana needs to draw on the global capacity knowledge and expertise that the World Bank Group offers.

As the country finds ways to tackle the service needs of its urbanised population, Mr Prosper said the “World Bank Group will be there for you”.

He added “the IFC and MIGA will ensure more private investments” as the country diversifies its economy.

The World Bank Group has invested almost $10 billion in Ghana since 1957 when the country joined the Group.

By Ekow Quandzie

Listen to Mr Philippe’s full speech