World Bank disburses close to $9b to Ghana in 60 years
The World Bank says it has disbursed close to $9 billion to support Ghana’s development efforts since 1957. The Bank during the period has made commitments totalling some $10.5 billion.
Speaking at the celebration of the 60 years of the relationship between Ghana and the Bretton Woods Institution, the Ghana Country Director, Dr. Henry Kerali said: “sixty years ago, on 20th September 1957, Ghana joined the World Bank. I have here in my hand, the Act of Parliament that was passed, on the August 3,1957, less than half a year after Ghana’s Independence. This Act set the direction for Ghana to join the world community of economic cooperation. And what a period it has been.”
Recounting the journey in the relationship, Kerali said the past has not been easy but the Bank has maintained its relations with Ghana, and worked together around a common agenda.
“Ghana went through troubled economic times in the 1970s’, 1980’s and 1990’s. The period of structural adjustment was a challenging one – for the World Bank too. That period has been debated at length, and we have all learnt from it. What is important is that, like in all partnerships, we have continued our engagement with Ghana and moved on together,” said.
He indicated that the Bank has since 1957 approved more than 178 projects and disbursed close to $9 billion.
“And we believe that we have contributed to the continuous fall in poverty in Ghana over the decades – however modest our contributions might have been. Today the World Bank Group net commitments in the active portfolio are around $3 billion,” he added.
Kerali urged citizens all around Ghana – in communities, through media, in political circles – to monitor and provide feedback on what is being done to help address the development challenges of the country.
He also called on Ghanaians to engage with the World Bank and the authorities to demand better solutions in everything that they do to get the best value for money.
“It is also important to ensure that women, the youth and vulnerable people are always part of the development process. If that happens, nothing can stop Ghana from achieving its development goals,” he said.
According to Kerali, the Bank brings about $400 million a year of soft loans or credits for roads, renewable energy, water, sanitation, health, education, social protection, and improving the business environment, noting that in the end however, the Bank is only part of the solution.
In his remarks the Minister of Finance, Ken Ofori-Atta acknowledged that the Bank has contributed significantly to almost all the sectors of Ghana’s economy through direct budget support; project/programme financing; and technical assistance.
“To date, we can confirm that Ghana has received approximately $10.587 billion including direct budget support of $1.5 billion from the World Bank. As at August 30, there are 26 ongoing World Bank funded projects and programmes valued at $2.0 billion (credit/grants) of which about 70 per cent has been disbursed,” he said.
The Minister was referring to the total commitments from the Bank out of which close to $9 billion has been disbursed as indicated by Kerali.
Ofori-Atta also recounted some of the interventions from the World Bank including providing a guarantee to enable government to leverage $1.7 billion investment from the private sector for the production of oil.
There were solidarity messages from other partners including CSOs, academia and the media.
Documentaries on selected Bank projects were shown and a photo exhibition was held.
By Emmanuel K. Dogbevi