Inflation Burden, Low Economic Growth Pushing More Ghanaians Into Poverty – WB | Economy

The burden of inflation and low growth are impacting negatively on the vulnera­ble, and pushing more Ghanaians into poverty, the Acting Country Manager of the World Bank, Mrs Eunice Ackwerh, has stated.

“The World Bank estimates that about 36 per cent of Ghanaians are poor and that more than a quarter of the people live on less than $2.15 per day,” she said.

She said that the poor were the most vulnerable, hence there was the need for the country to imple­ment policies to ensure that severe poverty conditions were addressed.

Mrs Ackwerh made the call at the World Bank End Poverty Day programme, held in Accra, yester­day, on the theme “Delivering with ambition”.

The event was part of activities to mark the International Day for the Eradication of Poverty, cele­brated every year in the month of October.

The programme that was mostly attended by the youth provided opportunities for officials of the World Bank to highlight projects the financial institution was fi­nancing to create jobs and address poverty in Ghana.

These included Ghana Econom­ic Transformation project, Greater Accra Resilient and Integrated Development project, Ghana De­velopment Financing project and Ghana Economic Transformation project.

The extremely poor, Mrs Ackwerh noted, were those most severely impacted by poverty, struggling with basic needs and social marginalisation.

The Acting Country Manager said while the government was intensifying efforts in growing the economy, measures should also be instituted to protect the vulnerable.

“It is essential for countries including Ghana to implement policies that not only enhance their income and access to basic ser­vices, but also complement climate investment,” she said.

A Senior Economist at the World Bank, Mrs Tamoya Anni­ka Lois Christie, highlighted that the coronavirus pandemic had significantly impacted and slowed development for the country.

“Ghana’s pandemic economic recovery is hindered by persistent macroeconomic instability and fiscal challenges, underscoring the need for targeted policy interven­tions,” she said.

To respond to the crises, she said that Ghana had negotiated a three-year International Monetary Fund (IMF) programme of about US$3 billion to help restore macroeco­nomic stability.

An economist at the World Bank, Mrs Laura Rodriguez Takeu­chi, said majority of Ghanaians fell below the global poverty line, and mentioned that poverty in the country was concentrated in the Northern part of the country.

She emphasised the importance of investing in human capital initia­tives that provided access to quality education and improved healthcare access to promote development.