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United States Secretary of the Treasury, Janet L. Yellen, has praised President Nana Addo Dankwa Akufo-Addo for his dedication to Ghana’s economic reforms.
Yellen emphasized the significance of these reforms in bolstering economic growth and resilience, particularly in light of the country’s progress on debt restructuring under the International Monetary Fund (IMF) program.
The commendation occurred during a meeting between Ms Yellen and President Akufo-Addo on the sidelines of the Summit for a New Global Financial Pact in France on June 22.
President Akufo-Addo was one of the prominent global figures invited to the summit, organized by French President Emmanuel Macron. The two leaders discussed the evolution of multilateral development banks to address 21st-century global challenges.
They also deliberated on efforts to mobilize climate and infrastructure financing for Ghana and other African countries.
In May of this year, the IMF congratulated Ghana on the approval of a $3 billion IMF-supported program by the Executive Board.
The Fund’s statement affirmed its support for Ghana as it implements reforms to address the current economic and financial crisis and work towards a better future for all Ghanaians.
The June 2023 Summit for a New Global Financial Pact is a response to the compounding consequences of climate, energy, health, and economic crises, particularly affecting vulnerable countries.
The summit aims to propose solutions to financial issues that extend beyond climate-related challenges, including access to healthcare and poverty alleviation.
The event addresses the fiscal and budgetary constraints faced by many countries due to the COVID-19 pandemic, the war in Ukraine, and their subsequent impacts on funding basic social services for their populations.
The United Nations Development Programme (UNDP) reported a decline in human development in nine out of ten countries globally in 2022, primarily attributed to reduced life expectancy and increased poverty.
The French Minister of Europe and Foreign Affairs stated that the summit seeks to “build a new contract with the North and the South” to facilitate access to financing for vulnerable countries in addressing the consequences of ongoing and future crises.
Key issues discussed include restoring fiscal space for countries facing short-term difficulties, promoting private sector development in low-income countries, investing in green infrastructure for energy transition, and mobilizing innovative financing for climate-vulnerable nations.