World Bank Reaffirms Stringent Measures Against Misuse of Funds in Ghana

World Bank Country Director for Ghana, Robert Taliercio O’Brien, has emphasized the institution’s stringent measures against the misuse of funds.

Mr O’Brien in a recent interview underscored that any misappropriated funds would be subject to reimbursement demands, highlighting the World Bank’s uncompromising stance on fiduciary responsibility.

“We take this extremely seriously,” O’Brien remarked, affirming that while the World Bank refrains from sanctioning governments, it does, however, hold private firms accountable for corrupt practices.

Mr O’Brien acknowledged the global nature of corruption, stating, “Even in my own country, there are instances of corruption,” stressing the need to focus on addressing these issues through justice and strengthening accountability systems.

The World Bank’s involvement in Ghana’s COVID-19 response has been scrutinized following an Auditor-General’s report that flagged irregularities in the management of some funds.

Despite these concerns, a subsequent audit confirmed that the $430 million allocated by the World Bank was used in accordance with procurement requirements and was not misused.

Former World Bank Country Director Frank Pierre Laporte, in June 2023, had affirmed the proper expenditure of these funds, adding that the Bank is developing a future financing plan to mitigate potential risks.

As Ghana continues to navigate its financial and governance challenges, the World Bank’s vigilance in monitoring fund usage and its commitment to transparent practices remain crucial in reinforcing the integrity of international financial support.

Source:norvanreports.com