The Country Director of World Bank in Ghana, Mr. Pierre LaPorte, has
advised the country to diversify its economy from natural resources and
commodities to achieve a more balanced and diverse growth.
LaPorte noted that the country has overly relied on commodities and natural
resources in the past for growth and job creation, which is not sustainable due
to price shocks.
Speaking at the launch of the World Bank’s latest report on Ghana titled,
“Diversification Through Productivity Enhancement”, Mr. Laporte noted that
the need to diversify was paramount to creating more jobs to foster growth in
the economy.
Ghana currently relies on three major exports, gold, oil and gas, and cocoa, which
account for about 70 percent of the total exports of the country.
The Ghanaian Times quoted Mr. Larporter as saying that “a more diverse economy
that provides a shield to economic volatility from commodity cycles and that allows
more people to benefit from strong economic growth is an attainable target for
Ghana”.
DAP/GIK/APA