The World Bank has reaffirmed its commitment to fostering economic growth in African nations, particularly Ghana.

It has pledged to prioritize financing key development initiatives in Ghana.

This was disclosed by Ousmane Diagana, Vice President for West and Central Africa at the World Bank, during a visit to President John Mahama’s office in Accra on Wednesday, January 8, 2025.

According to Diagana, the World Bank remains dedicated to helping African countries overcome challenges to achieving sustainable economic growth.

“In the last couple of months since the arrival of the new president, Ajay Banga, we have introduced a concept called the ‘better and bigger World Bank.’ However, our current focus is on becoming the ‘better bank’ before transitioning to the ‘bigger bank.’

“With the ‘better bank,’ we emphasize government ownership, client engagement, and partnerships, complementing our financial assistance with knowledge-sharing. As a global institution, we work with numerous countries, allowing us to draw on a wealth of experience.”

He also highlighted specific economic challenges faced by Ghana and other West African countries:

“Regarding resource mobilization, it is crucial to ensure that domestic resources contribute significantly to financing the economy. This challenge in Ghana mirrors those faced by countries like Senegal and Kenya. We are happy to involve our department working in this area to discuss widening the resource base and enhancing domestic financing mechanisms.”

On the topic of cocoa production, Diagana emphasized its importance to Ghana’s economy, “Ghana is among the countries for which we have prepared a Country Climate and Development Report. We have identified both the potential within the agricultural sector, particularly cocoa, and the challenges facing the sector.

“We have specific recommendations for the sector and look forward to discussions with Ghana’s team. Using our existing programs, we aim to contribute to addressing these challenges and unlocking the sector’s full potential.”