President Nana Akufo-Addo has received praise from Janet L. Yellen, the US Treasury Secretary, for his dedication to Ghana’s economic reforms.
In light of the nation’s advancements in debt restructuring under the International Monetary Fund (IMF) programme, she claimed that was essential to fostering economic growth and resilience.
During a meeting with President Akufo-Addo on June 22 outside of the Summit for a New Global Financial Pact in France, Ms. Yellen praised the President.
One of the prominent figures from around the world invited to the Summit was President Nana Akufo-Addo, which was organised by French President Emmanuel Macron.
The two personalities talked about initiatives to modernise multilateral development banks to address the global challenges of the twenty-first century.
During the interaction, they also talked about how to get infrastructure and climate financing moving for Ghana and other African nations.
The West African country received congratulations from the IMF in May of this year for the Executive Board-approved, $3 billion IMF-supported programme.
“We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians,” a statement by the Fund noted.
A new global financial pact will be discussed at a summit in June 2023 as a result of the cascading effects of concurrent energy, health, economic, and climate crises, especially in the most vulnerable nations.
It aims to put forward solutions to money-related problems like access to healthcare and the fight against poverty that extend beyond the climate issue.
The COVID-19 pandemic, the conflict in Ukraine, and their subsequent effects have constrained many nations’ fiscal and budgetary options, making it more difficult for them to pay for their citizens’ access to fundamental social services.
Consequently, the United Nations Development Programme (UNDP) observed a decline in human development in nine out of ten nations worldwide in 2022, primarily as a result of a decline in life expectancy and an increase in poverty.
The goal of the summit, according to a statement from the French Minister of Europe and Foreign Affairs, is to “build a new contract with the North and the South” to make it easier for vulnerable nations to get the funding they need to deal with the effects of ongoing and upcoming crises.
The Summit will address issues such as promoting private sector development in low-income countries and restoring fiscal space to countries experiencing short-term difficulties, particularly the most indebted countries.
Additionally, the event aims to mobilise creative financing for nations at risk from climate change and to promote investment in green infrastructure for the energy transition in emerging and developing nations.