Pierre Frank Laporte, who is in charge of Ghana for the World Bank, said that his organization gave $903 million to Ghana to help with public finance reforms.
He said that this is a huge amount of money that no development organization has ever given to a country for one year.
Pierre Frank Laporte said at an event in Accra, “Your Excellency, before I end, I’d just like to quickly go over how our program in Ghana did in the last fiscal year, which just ended on June 30.
“The World Bank has given Ghana $903 million between July 1, 2021, and June 30, 2022. In the history of Ghana, no development organization has ever given out so much money in one year.”
Laporte also said that now, during a time of global economic crisis, is the right time for development partners to take the right steps to look at struggling economies and help them grow.
“During this time of global economic crisis, it is the right time to take steps to look at our economies and grow them. It is time for development partners to be honest with economies that are struggling,” he said.
Ghana is asking for help from the IMF because the country’s economy is in bad shape.
As of the end of the first quarter of 2022, the total amount of public debt was GH391.9 billion. This shows that the economy is in trouble.
The cedi is also the African currency that has done the worst this year. It has lost 22 percent of its value against the dollar.