The World Bank has projected harsher times for Ghana’s economy.
This comes as the exchange rate continues to rise amidst inflation and increasing cost of living coupled with a rise in prices of petroleum products.
Many Ghanaians have complained about the effect of the situation on their standard of living.
Government is already having a tough time rallying support for the controversial E-Levy, insisting it may not be able to settle some statutory obligations without the tax.
But the World Bank Country Director, Mr. Pierre Laporte does not see any end in sight just yet.
“The situation is very difficult right now. Ghana faces a very tough road ahead to restore macro-sustainability,” he said.
According to him, the source of the country’s woes may be more than just stifled revenue generation.
Government has blamed the Covid-19 as a major contributor to the exacerbating economy.
But the World Bank boss insists that the signs were clear even before the global pandemic hit.
He, therefore, called on government to be more open about the dealings regarding the country’s fiscal state.
This, Mr Laporte believes, will help restore stability in the economy.
“He [Finance Minister] acknowledges the severity of the situation. Yes, Covid has not helped but even before Covid, there were signs that the situation was getting a little more challenging,” he added.
