Ghana needs World Bank’s urgent support in the areas of agric, transportation and energy – Finance Minister

The Finance Minister, Dr Cassiel Ato Forson, has highlighted the urgent need for support from the World Bank in the areas of agriculture, transportation and energy.

The Finance Minister proposed that the Bank also consider establishing a regional office in Ghana.

On Friday, April 11, Dr Ato Forson said he had the pleasure of hosting Mr. Wencai Zhang, Managing Director and Chief Administrative Officer of the World Bank Group, at the Ministry of Finance.

“Our discussions focused on key areas vital to Ghana’s development: agriculture, transportation and energy,” he said.

“I highlighted the urgent need for support from the World Bank in these sectors and also proposed that the Bank consider establishing a regional office right here in Ghana,” he added.

Dr Forson wrote on his X page that Mr. Zhang reaffirmed the World Bank’s strong interest in Ghana’s agricultural sector, noting that agriculture is a priority for the Bank.

“He emphasized their wealth of experience and expressed readiness to facilitate and finance project preparation and implementation.

“We look forward to a strengthened partnership that drives sustainable development and delivers real impact for the people of Ghana,” Dr Forson said.

Meanwhile, President John Dramani Mahama has shared some reflections on the current state of Ghana’s economic relationship and the boundless possibilities that lie ahead.

Referring to the UN COMTRADE database on international trade, Mr Mahama said exports from the Czech Republic to Ghana reached US$20.82 million in 2023, while exports from Ghana to the Czech Republic stood at approximately US$1.12 million in 2023.

This trade imbalance, rather than being a cause for concern, represents a compelling opportunity for growth, diversification and mutual advancement, he said.

President Mahama said these in an address he delivered at the Ghana-Czech Business Cooperation Seminar to be held on Wednesday, 9th April, 2025, at the Mövenpick Ambassador hotel, Accra.

He said “World Bank data indicates that Ghana’s economy has demonstrated remarkable resilience, with a GDP growth rate projected at 4.2% for 2025—a testament to the soundness of our economic policies. This positive trajectory, coupled with our strategic position as the gateway to West Africa and our pivotal role as host of the AfCFTA Secretariat, positions Ghana as an ideal partner for Czech businesses seeking to access the vast and rapidly growing African market of 1.3 billion consumers.”

Regarding the 24 hour economy policy, President Mahama said his government is embarking on a bold and visionary 24-Hour Economy Policy agenda—a comprehensive framework designed to maximize economic productivity, optimize infrastructure utilization, and create sustainable employment opportunities across multiple sectors.

“This forward-looking policy aligns with the transformative objectives of the AfCFTA, which aims to create a single, integrated market for goods, services and people across our diverse continent,” he said.

The 24-Hour Economy Policy focuses on strategic sectors that present exceptional opportunities for collaboration between Ghanaian and Czech enterprises, he further explained.

In the area of manufacturing, automobile production and agro-processing, President Mahama said that Ghana is steadily positioning itself as a manufacturing hub in West Africa.

“We readily welcome Czech expertise in machinery, automotive components and advanced agro-processing technologies to help Ghana add substantial value to our abundant agricultural produce and create integrated supply chains that benefit both our economies,” he said.

In financial and digital services, he stated that Ghana is undergoing a rapid digital transformation. The recent repeal of the e-levy on electronic transactions, among other taxes, promises further growth and inclusion in digital financial services.

“The cutting-edge solutions by Czech companies in fintech, robust cybersecurity frameworks and sophisticated digital infrastructure development would be invaluable in accelerating this transformation, bridging the digital divide, and further enhancing inclusive financial ecosystems,” he said.

 

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