World Bank suggests Ghana to diversify its economy from natural resources

The World Bank in Ghana's Country Director, Pierre LaPorte has suggested the country to diversify its economy from natural resources and commodities with an objective to achieve a more balanced and diverse growth.

According to Pierre LaPorte, Ghana has overly relied on commodities and natural resources in the past for growth and job creation that is not sustainable due to price shocks. Thus, the requirement to diversify was paramount to creating more jobs to foster growth in the economy. He said this during the launch of the World Bank's latest report on Ghana.

Currently, Ghana relies on three major exports (i.e., oil, gold, gas and cocoa) that account for around 70 percent of the total exports of the country. "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," The Ghanaian Times reported quoting the Country Director, Pierre LaPorte.