World Bank Lauds Ghana For Robust Policy Reforms Amid Challenging Economic Conditions
Acting Country Director of the World Bank for Ghana, Robert Taliercio, has applauded the Government for the significantly strong policy reforms implemented in 2023 despite the difficult macroeconomic conditions witnessed last year.
Programme Leader at the World Bank Ghana Country Office, Stefano Ciurto, delivering the welcome address on behalf of Mr Taliercio at the launch of the 2024 Country Policy and Institutional Assessment (CPIA) report on Tuesday, July 16, quipped the Government strengthened commitments to policy reforms that led to a significant reduction in the country’s headline inflation and increased support in access to finance by SMEs.
“Ghana’s authorities committed to policy reforms to strengthen the central bank’s independence which contributed to reducing year-on-year inflation from 54% in December 2022 to 23% in December 2023.
“The government also adopted a medium-term revenue mobilisation strategy and recently committed to reinstating its fiscal rule in the medium-term, while strengthening the independence of its Fiscal Council,” he noted.
“These macroeconomic reforms are reflected in upgrades in the areas of monetary and exchange rate policy and fiscal policy. Indeed, these measures to support macroeconomic stability are central to creating conditions supportive of the private sector with increased efforts to support access to finance for small and medium-sized enterprises,” he added.
Speaking further at the CPIA report launch, Mr Mullen posited that as the host of the African Continental Free Trade Area (AfCFTA) Secretariat and participant in the AfCFTA Guided Traded Initiative, Ghana represents the possibilities of increased trade in the African region.
The 2024 CPIA report highlights the policy trends, best practices, and key changes in 49 countries in the Sub-Saharan Africa region following the World Bank’s annual Country Policy and Institutional Assessment (CPIA).
The report underscores several key developments such as, the Africa region making significant strides in economic management and policies for social inclusion and equity, surpassing the global IDA average.
Another key development was the African region implementing reforms to enhance resilience to international economic shocks, particularly in central bank independence and transparency.
The report further highlights two major trends – digital technology and increased international trade – offering hope for private sector growth in the African region.
