World bank predicts gloomy scenario for Ghana

World bank offices in Ghana. Photo : Lambert

Addis Ababa, Ethiopia (ADV) – If stringent measures are not taken promptly, about 56 percent of Ghana’s human capital will go down the drain in the next 18 years, a World Bank report has warned.

The report said that damning scenario will occur due to the poor quality of Ghana’s education system which had been among the best at independence in 1957 and shortly afterward.

The Bank justified its projection by explaining that in spite of “the reality that the education in Ghana is not of good quality, it added that some children do not go to school at all, (while) others go to school but do not complete” their studies as in many countries around the globe.

Further to that, the Bank also pointed to a common incidence, which is the fact that in Ghana, other children are “malnourished and cannot fully attain their potential”.

It dilated that the poor state of education would translate into lack of capacity to support sustainable national development.

Arguably, it is an attempt to turn the situation around, that incumbent President Nana Addo Dankwa Akufo Addo declared a free compulsory universal basic in Ghana in 2017 in keeping with his election promise.

In a related development, the Bank’s latest Human Capital Index (HCI) also revealed that only 44 percent of children born in the country now will grow up to become productive.

The Bank explained that the HCI combines indicators of health and education into a measure of the human capital that a child born today can expect to obtain by her 18th birthday, given the risks.

The Bank’s latest report was presented on Monday in Accra by Dr. Antonio Guiffrida, World Bank Head Lead.

Dr. Guiffrida noted that the Bank ranks Ghana 116 out of 157 countries worldwide.

But according the African Development Bank’s Economic performance and prospects, Ghana’s economic growth fell from 14% in 2011 at the onset of oil production to 3.5% in 2016, the lowest in two decades.

It said the economy recovered in 2017, growing an estimated 6.3%, spurred by recovery in nonoil sectors, lower inflation, and new hydrocarbon wells.

Over the medium term, the ADB said Ghana’s economic growth is expected to accelerate to 8.5% in 2018 and then moderate at 6.2% in 2019 as the budget and current account deficits narrow amid lower inflation and falling interest rates.

© Bur-csa – A.H – N.A / From our regional correspondent Tamba Jean-Matthew III – African Daily Voice (ADV)