The US (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 mentioned, was of essence to spice up financial development and resiliency, notably within the wake of the nation’s progress on debt restructuring below 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), mentioned 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 nations throughout the engagement.
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The IMF, in Could this 12 months, congratulated the West African nation on the US$3 billion IMF-supported programme authorized by the Government 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, notably in probably the most weak nations.
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It goals to suggest options to finance points that transcend the local weather query, together with entry to well being and the struggle towards poverty.
The COVID-19 pandemic, the conflict in Ukraine and their successive penalties have lowered the fiscal and budgetary area of many nations – affecting their capability to finance their populations’ entry to fundamental social providers.
Consequently, the United Nations Improvement Programme (UNDP) famous a decline in human improvement in 9 out of ten nations around the globe in 2022, primarily attributable to 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 goal to “construct a brand new contract with the North and the South”, with the intention to facilitate the entry of weak nations to the financing they wanted to handle the results of ongoing and future crises.
Points at stake on the Summit embody restoring fiscal area to nations going through short-term difficulties, particularly probably the most indebted nations, in addition to fostering personal sector improvement in low-income nations.
The occasion additionally seeks to encourage funding in inexperienced infrastructure for the power transition in rising and growing nations, and mobilising progressive financing for nations weak to local weather change.
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