The World Bank has cautioned Africa to brace itself for a tougher bite from the global financial crisis. To this end the bank recommends stronger fiscal policies in member countries to ensure that the recession does not stall growth. The World Bank Vice President Ms. Obiageli Katryn Ezekwesili disclosed this when she addressed a video conference briefing to selected journalists in 22 member countries of the bank in Africa. The conference is one of the bank’s several briefings on the global financial crisis which it said seeks to conscientise the media and other stakeholders on the impact of the crisis and the best policies African countries must implement to handle it. On the back of the problem have come reduced remittances, foreign direct investments and aid by the continent’s development partners. Ms Ezekwesili hinted that although the bank is open to support African countries in the heat of the crunch, the continent has a bigger role to play. She said local policy makers in Africa must consider the support of the World Bank and other multilateral and bi-lateral organisations as a mere adjunct to their own efforts. “No matter the level of foreign aid to help Africa, a lot of the work is needed by the countries themselves,” she stressed. She called on Ghana and the rest of the continent to implement the necessary policies to stimulate growth, stressing, “Growth must be the key word.” The World Bank senior executive said growth initiatives must be in the areas of health and education. A growth projection on Africa for 2008 was put at 6.4% but was revised to 4.9% for the year with the 2009 rate now put at a marginal 2.4% per annum. The World Bank believes the trend points to a gradual slowdown of the African economy although the continent’s integration in the world financial system is minimal. Responding to a question on how the bank intends to ensure efficient use of funds it lends out to Africa, Ms Ezekwesili noted that the bank is already devising appropriate plans with its clients to ensure maximum accountability for its support drives. The bank hinted that it is proposing a number of social safety nets and some policy advice for countries to which it lends. Meanwhile the bank announced on Wednesday that its investments in safety nets and other social protection programs in health and education are projected to triple to $12 billion over the next two years. The development is expected to protect the most vulnerable people from the worst effects of the global economic crisis. Story by Fiifi Koomson/Myjoyonline.com