The World Bank is focused on supporting economic development in Ghana, alongside other West African nations, with a commitment to building a stronger financial foundation for the region.

Ousmane Diagana, the Vice President for West and Central Africa at the World Bank shared the institution’s ongoing efforts to help African countries face economic challenges and improve financial resilience.

In a recent statement, Diagana noted that under the leadership of new World Bank President Ajay Banga, the focus has shifted towards creating a “better bank” before expanding to a “bigger bank.”

The emphasis on a “better bank” means that the World Bank is enhancing its partnership with governments, focusing on both financial support and the knowledge transfer that can help nations like Ghana better utilize available resources.

Diagana also highlighted the shared challenges faced by several African nations, including Ghana, in the context of financing economic growth.

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He explained that countries like Senegal, Kenya, and Ghana share similar issues related to resource mobilization and financing development.

“We are working closely with Ghana to expand the domestic financing base, ensuring that our partnerships can provide more sustainable support to the economy,” he said.

The agricultural sector, particularly cocoa, is one area where the World Bank sees significant potential.

Ghana, as one of the leading producers of cocoa, has been identified as a key player in the global agricultural market.

However, Diagana acknowledged that the sector faces numerous challenges. He mentioned that the World Bank has already prepared a “country climate and development report,” which identifies the potential for growth in agriculture, but also highlights the hurdles that need to be addressed.

“The recommendations we have from our team will help us align with the existing programs and offer targeted support to Ghana’s cocoa sector,” Diagana explained.

He added that the World Bank is committed to finding innovative solutions to support agricultural growth, as it plays a critical role in the country’s economy.

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