World Bank pledges ‘Better Bank’ vision to drive Ghana’s growth

The World Bank has reaffirmed its commitment to advancing economic growth in Africa, with Ghana positioned as a key focus for development financing and strategic partnerships.

Ousmane Diagana, Vice President for West and Central Africa at the World Bank underscored the institution’s dedication to helping African nations overcome challenges to sustainable growth.

Speaking during a high-level delegation meeting with President John Mahama in Accra on January 8, 2025, Diagana emphasised a renewed approach under the World Bank’s new leadership.

Diagana explained the shift in priorities following the appointment of Ajay Banga as the World Bank’s President. “We now focus on being a ‘better bank’ before becoming a ‘bigger bank,’” he said.

He highlighted the importance of ownership, partnership, and complementing financial assistance with global knowledge to foster sustainable development.

“As a global institution, our experiences with various countries have equipped us to provide tailored support.

“This includes addressing challenges like domestic resource mobilization and ensuring financing models are optimized for economic growth,” he added.

Diagana drew attention to Ghana’s need to widen its resource base, noting that the country faces challenges similar to those in Senegal and Kenya.

“We are happy to bring our expertise into discussions with Ghana, ensuring the domestic organization of financing is strengthened,” he said.

He also addressed the cocoa sector, a cornerstone of Ghana’s economy, highlighting its potential and challenges.

“Through our Country Climate and Development Report, we have identified opportunities in agriculture, particularly cocoa. Our recommendations and existing programmes aim to address sector challenges and unlock its full potential,” Diagana explained.

The meeting underscored the World Bank’s focus on blending financial assistance with expertise, ensuring that Ghana benefits from the institution’s global experience.

This collaborative approach aims to address systemic challenges while empowering the country to harness its economic potential.

As Ghana embarks on its next chapter under President Mahama’s leadership, the World Bank’s commitment signals optimism for enhanced partnerships and impactful development efforts in critical sectors such as agriculture and resource mobilization.