World Bank Group MD Visits Ghana

The World Bank Group Managing Director, Ngozi Okonjo-Iweala, arrived in the country yesterday for an official visit.

During her two-day visit, Okonjo-Iweala will meet President John Evans Atta Mills, as well as the ministers of Energy, Finance and Economic Planning and Agriculture.

A statement issued by the World Bank office in Ghana said she will also make a presentation during the plenary session of the Africa Investment Forum, today.

Okonjo-Iweala will also visit Ashesi University Campus, the site of a proposed investment by the International Finance Corporation, IFC, the bank‘s private sector arm.

“With countries still suffering the impact of the global financial crisis, it’s vital we look to private sector investment as a key driver to help countries on the path to recovery”

“The proposed IFC investment in Ashesi University supports the World Bank groups’ strategy for Ghana and complement the banks existing education programme in the country by promoting the development of tertiary education to meet the needs of a growing number of secondary school graduates, she said.

Okonjo-Iweala said there is also an opportunity to leverage more private investment in commercial agriculture given Ghana’s comparative advantage as a coastal city with good access to markets.

The managing director said “while the worst of the financial crisis now appears behind us, the recovery process is fragile, with considerable uncertainties clouding the outlook”.

She said the World Bank Group is committed to supporting countries in need.

The International Development Association, IDA, which provides grants and no interest loans, committed $7.8 billion to sub-Saharan Africa countries in the year ending last June, a 36 per cent increase on the previous year.

Source: The Ghanaian Times