World Bank President Jim Yong Kim is optimistic Ghana could soon reclaim its status as one of the economic giants in the West African sub-region.
Jim Yong Kim explained in Washington DC at the Annual IMF/World Bank meetings that his optimism is informed by a recent engagement with President John Mahama.
He told Joy Business’ George Wiafe that President Mahama’s knowledge of the challenges facing the country is a sign that the country’s difficult days will soon be over.
“He is very much aware of the kinds of structural reforms that he needs to undertake in order to get Ghana back on a much more vigourous growth path”, the World President said of President Mahama.
Saddled by rising public debts, a wobbly local currency and inflation, Ghana has lost its standing as one of the fastest growing economies in West Africa.
Although the cedi is gaining ground against major foreign currencies, analysts believe Ghana is still far from attaining economic growth and stability that resemble conditions a decade ago.
The World Bank President however maintains that President Mahama now understood the full nature of the challenge ahead. He said he was happy managers of Ghana’s economy have already begun taking the crucial steps to put the country back on track.
“He [President Mahama] is very committed to undertaking the reforms that he knows, and we [World Bank] know that he’s got to undertake”, said Jim Yong Kim.
He also praised President Mahama for his role in helping fight spread of the deadly Ebola disease in the West Africa.
“I think he is a fantastic example of how science and awareness trumped fear, and solidarity trumped any kind of temptation to turn his back”, Jim Yonk Kim said.
According to the World Bank countries in the west African region could be losing about 32 billion cedis in the next two years if the disease is not contained.
The World Health Organization says more than 4,000 people have died from the disease since the outbreak in March.