Seth Terkper takes on World Bank Country Director’s over his comments on COVID-19 Funds

Ghana’s Former Finance Chief, Seth Terkper, has strongly criticized the comments made by the World Bank Country Director, Pierre Laporte, regarding the government’s handling of COVID-19 funds. Terkper described Laporte’s remarks as pitiful and called for the country’s focus to be redirected towards important matters such as the International Monetary Fund (IMF) reviews and completing the debt restructuring exercises.

In a tweet on Thursday, Terkper emphasized the need to refocus efforts on the ongoing IMF reviews, which carry significant weight in determining the country’s economic trajectory. He further urged stakeholders to prioritize the completion of the debt restructuring exercises that are essential for ensuring Ghana’s long-term financial stability.

Laporte, the World Bank Country Director for Ghana, had recently confirmed in an interview that the COVID-19 funds provided by the bank were not misused by the Ghanaian government. As part of its efforts to combat the pandemic, the World Bank had contributed a substantial amount of $430 million to Ghana’s cause. Laporte, in an attempt to assuage concerns, emphasized the bank’s transparency in disbursing funds and reiterated that no difficulties were encountered during the monitoring process.

During the interview, Laporte expressed the bank’s commitment to devising a future financing plan aimed at fortifying Ghana’s resilience against potential future risks. He emphasized that all funds were disbursed in accordance with stringent procurement requirements and underwent a thorough audit process. Although he acknowledged minor procedural issues, Laporte expressed overall satisfaction with how the funds were utilized.

Laporte shed light on the intricate mechanisms put in place to manage the resources effectively. He noted that a project management unit, jointly established by the World Bank and the Ghanaian government, was responsible for overseeing the funds. It is important to highlight that the funds were managed separately from the Ministry of Finance’s budget and were allocated to contractors and suppliers from a designated account. This clear separation aimed to ensure accountability and transparency in financial transactions.

While Laporte acknowledged the existence of a few procedural challenges, he reiterated his confidence in the overall utilization of the funds. He stressed that the COVID-19 project was executed under emergency procurement measures, necessitating prompt action and investment in crucial areas such as equipment and construction. Laporte’s reassurance of the World Bank’s commitment to supporting Ghana’s fight against the pandemic underscored the institution’s dedication to assisting the country in managing the crisis effectively.

The allegations of misused COVID-19 funds and the subsequent response from key stakeholders highlight the importance of transparency and accountability in public expenditure, particularly during times of crisis. As Ghana grapples with the ongoing challenges posed by the pandemic and navigates its economic recovery, it becomes imperative for all stakeholders to work collaboratively to address concerns and ensure the effective utilization of financial resources allocated for Ghana’s growth.

Source: norvanreports