Pierre Laporte defends World Bank’s role amidst allegations of inaction leading to Ghana’s economic crisis
In a candid dialogue on the PM Express Business Edition, the departing World Bank Country Director, Pierre Frank Laporte, offered a robust defense against allegations of the institution’s purported inaction leading up to Ghana’s recent economic crisis.
Recent assessments by both the World Bank and the International Monetary Fund have thrust Ghana into the ‘debt distressed’ category, catalyzed by macroeconomic strains, notably inflation surpassing the 50% mark and challenges in meeting debt obligations.
Mr Laporte, however, posited a nuanced perspective, indicating that while the World Bank could proffer guidance, the onus of implementing or disregarding such counsel rested squarely with sovereign governments.
“We can advise. It is the government’s decision to take the advice or not. One thing I can assure you is that we did everything in our power to prevent Ghana from getting to that state. Maybe the government did not heed our advice in terms of what they had to do to prevent the economy from going into that direction”, Mr Laporte elucidated, emphasizing the institution’s concerted efforts to avert Ghana’s economic downturn.
Addressing speculations regarding leveraging World Bank project funds as a mechanism to influence governmental policies, Mr Laporte firmly debunked such notions.
“The protocols governing World Bank project funds are sacrosanct. My position does not empower me to unilaterally alter decisions ratified by the Board,” he clarified.
Navigating the delicate balance between advocacy and diplomacy, Mr Laporte underscored his preference for constructive engagements over public critiques. “My modus operandi prioritizes efficacy; hence, my critiques, if any, are articulated within the confines of boardrooms and official meetings,” he asserted, highlighting that public rebukes were not aligned with his professional ethos.
As Ghana grapples with economic recovery, he accentuated the imperatives of unwavering fiscal discipline, especially against the backdrop of an impending election cycle.
While acknowledging recent economic resurgences, he sounded a cautionary note, suggesting that without the requisite measures, the gains made could be lost. In a gesture of collaborative intent, Mr Laporte concluded by affirming the World Bank’s commitment to bolstering Ghana’s economic trajectory and ensuring tangible benefits resonate with ordinary Ghanaians.
