The USA (US) Secretary of the Treasury, Janet L. Yellen, has applauded President Nana Addo Dankwa Akufo-Addo for his dedication to Ghana’s financial reforms.
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That, she stated, was of the essence to spice up financial progress and resiliency, significantly within the wake of the nation’s progress on debt restructuring underneath the Worldwide Financial Fund (IMF) programnme.
Ms. Yellen recommended the President throughout a gathering with the latter on the sidelines of the Summit for a New International Monetary Pact, in France, on Thursday, June 22.
President Nana Akufo-Addo was one of many key international personalities invited for the Summit, organised by French President, Emmanuel Macron.
A report by Reuters on the sidelines of the assembly, monitored by the Ghana Information Company (GNA), stated the 2 personalities mentioned efforts to evolve the multilateral improvement banks to fight twenty first Century international challenges.
Additionally they deliberated on work to mobilise local weather and infrastructure financing for Ghana and different African international locations in the course of the engagement.
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The IMF, in Might this yr, congratulated the West African nation on the US$3 billion IMF-supported programme accredited by the Govt Board.
“We stand with Ghana because it implements reforms to handle the present financial and monetary disaster and assist construct a greater future for all Ghanaians,” a press release by the Fund famous.
The June 2023 Summit for a New International Monetary Pact is borne out of the cascading penalties of concurring local weather, power, well being and financial crises, significantly in essentially the most weak international locations.
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It goals to suggest options to monetary points that transcend the local weather query, together with entry to well being and the battle towards poverty.
The COVID-19 pandemic, the battle in Ukraine and their successive penalties have diminished the fiscal and budgetary house of many international locations – affecting their capacity to finance their populations’ entry to primary social companies.
In consequence, the United Nations Improvement Programme (UNDP) famous a decline in human improvement in 9 out of ten international locations world wide in 2022, primarily because of a drop in life expectancy and a rise in poverty.
In a press release, the French Minister of Europe and International Affairs declared the Summit would purpose to “construct a brand new contract with the North and the South”, to be able to facilitate the entry of weak international locations to the financing they wanted to handle the results of ongoing and future crises.
Points at stake on the Summit embody restoring fiscal house to international locations dealing with short-term difficulties, particularly essentially the most indebted international locations, in addition to fostering non-public sector improvement in low-income international locations.
The occasion additionally seeks to encourage funding in inexperienced infrastructure for the power transition in rising and growing international locations and mobilise revolutionary financing for international locations weak to local weather change.
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