World Bank Boss makes a Case for Ghana over Global Challenges and Economic Crises

The World Bank Group Country Director in Accra, Pierre Laporte, has admitted that global challenges like in other countries had affected Ghana’s economy, and called on development partners to show good faith to struggling economies.

Speaking in Accra at the launch of a tourism Small-scale and Medium Enterprise (SMEs) grant in Accra recently, Pierre Laporte was, however, hopeful that “despite the current micro fiscal challenges, we are confident that Ghana will rise through it.”

He said the SMEs project was another “opportunity to deepen the relations with Ghana,” which had been upgraded to moderately satisfactory. He was confident that Ghana would further be upgraded to satisfactory status, saying Ghana held huge potential to become the leader of effective development in Africa.

President Akufo-Addo, who launched the $10 million project, called on small scale businesses to support and make judicious use of the investment. Speaking on the theme ‘Empowering SMEs for Sustainable Tourism Development’, President Akufo-Addo said the project would, among other things, support 60% of female applicants.

He pledged his government’s commitment to supporting the tourism sector to boost revenue and job creation for development, and acknowledged the significance of tourism, with regards to job creation, adding that was the reason the government was putting in place measures to boost the sector.

“We are building a business-friendly environment that will enhance entrepreneurship,” he said.

President Akufo-Addo observed that the development of entrepreneurship had the potential to contribute to specific development objectives, such the employment of women and the youth.

“It is in this direction that the government through the Ministry of Tourism Art and Culture this year is supporting SMEs in the tourism, hospitality, and creative sector with an amount of $10 million to enhance their businesses.”

ABOUT THE PROJECT

The objective of the Ghana Tourism Development Project, a Government of Ghana initiative, is being funded by the International Development Association (IDA) of the World Bank Group.

The Ministry of Tourism, Arts and Culture (MOTAC) is the project implementing agency.

The project is to improve tourism performance by upgrading tourism sites and developing the capacities of players in the sector to generate increased tourism revenues.

The project, which begun in 2018, has four main components which are; to see the strengthening of tourism enabling environment; develop tourism sites and destinations, and tourism enterprise support and project management.

Source: Maxwell Ofori || The Chronicle