Ghana Faces Risks Of Financial Challenges, Loss Of Its FDIs To Other Countries – World Bank

The World Bank has warned Ghana it faces risks of financial challenges and losing its Foreign Direct Investment inflows to other countries if it does not implement a critical action plan to address its current energy challenges.

According to its Managing Director of Operations, Anna Bjerde, the issues confronting metering, billing, and revenue collection within the sector should be proactively done without interruption.

Addressing the media at a Press Conference, she said her outfit will provide technical support to the government and other stakeholders to save the sector from going down.

“There has been over the last years a deterioration in the performance of the energy sector particularly in the financial performance and we trying to help with metering, billing, and collection”.

“Revenue collected should be channeled to its right sources which is a big part of our dialogue right now. Government has to be proactive in addressing some of these issues not to worsen the current challenges”, she said.

According to her, the World Bank would support Ghana’s budget, especially in the area of energy to improve the sector.

“The problems that Ghana is facing are not unique to Ghana but they are very serious because if they are not addressed they will get worse and worse”.

“We very much want to support the government budgets to support its actions to make sure the energy sector is fit for purpose”, she added

The World Bank had earlier indicated that Ghana’s energy sector debt is a major contributor to the debt country’s woes.

The Bretton Wood institutions said it identified certain factors that were driving the country’s debt situation.

Source: JoyNews