The World Bank Group has tasked Nigeria, Ghana and other African countries to improve private sector capacity to bring in new investments.
World Bank President, David Malpass, made this known during the press conference for the 2021 World Bank/International Monetary Fund annual conference.
Malpass said African countries were lagging way behind the advanced economies, saying, “We have this inequality problem. Core to making progress on that is improving the private sector capabilities of countries including Ghana, working with governments to identify the strengthening that could be done that brings in new investment.
“And a chunk of that new investment can come into climate-related issues. The mission is to reduce poverty and increase shared prosperity.
He also called for efficient, clean energy and plants so that there can be more electricity with less carbon dioxide emissions. That’s a core goal of the greenhouse gas reduction agenda. And also land use, and ways that there can be protection of biodiversity, which acts as a carbon sink.
In a statement that was issued at the end of its meeting that was chaired by Minister for Finance of Sweden, Ms. Magdalena Andersson, IMFC said it would continue to prioritise health spending and protect the most vulnerable, while shifting focus, as appropriate, from crisis response to promoting growth and preserving long-term fiscal sustainability, including where applicable, by bolstering medium-term fiscal frameworks.
The statement read: “We are also taking comprehensive action to extend financial assistance to countries in need, while supporting countries’ efforts to restore debt sustainability and strengthening debt transparency practices by both debtors and creditors, public and private.
“We will work together to accelerate transformational reforms to help build a more resilient and sustainable global economy.”