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The World Bank has reiterated its commitment to fostering economic growth and development in African nations, with Ghana as a key focus.
The institution aims to finance critical initiatives while addressing challenges related to sustainable economic growth.
Ousmane Diagana, Vice President for West and Central Africa at the World Bank, emphasised this during a high-level meeting with President John Mahama in Accra on Wednesday, January 8, 2025.
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The discussions revolved around strengthening partnerships and enhancing Ghana’s developmental strategies.
Diagana highlighted the World Bank’s evolving approach under its new president, Ajay Banga, describing it as a shift toward creating a “better and bigger World Bank.” He noted that the immediate focus is on becoming a “better bank,” emphasising government ownership, client partnerships, and leveraging the institution’s global expertise.
The World Bank vice president underscored the importance of broadening Ghana’s resource base and enhancing domestic financing mechanisms. He explained:
“We aim to ensure that resources mobilised for the economy are sustainable and not just limited to external financing. Ghana’s challenges in this area mirror those faced by other countries, such as Senegal and Kenya. We are committed to engaging with Ghana to widen its resource base while strengthening domestic financing structures.”
The agricultural sector, particularly cocoa production, also featured prominently in the discussions. Diagana noted that Ghana’s agricultural sector holds significant potential but faces persistent challenges.
“Ghana is one of the countries where we have developed a country climate and development report. This report identifies both the opportunities in agriculture, especially cocoa, and the challenges the sector faces. We are ready to use our existing programs to support this critical area,” he added.
