Business
Bank of Ghana Advocates for Enhanced IMF and World Bank Support
Governor Addison urges increased support for debt restructuring, flexible financing, and tailored technical assistance
- Dr. Addison called for accelerated debt restructuring and relief
- He advocated for higher levels of concessional and flexible financing
- Dr. Addison emphasized the need for tailored and enhanced technical support
The Governor of the Bank of Ghana, Dr. Ernest Addison, is urging the International Monetary Fund (IMF) and the World Bank to increase their support for Africa’s fiscal policy reforms.
This includes accelerating debt restructuring, providing more flexible financing, and offering tailored technical assistance.
Dr. Addison highlighted the continent’s significant infrastructure financing gap and rising debt burden. He emphasized the need for a balanced approach that combines domestic reforms with stronger international support.
Key recommendations include:
- Resuming timely interest charges on Poverty Reduction and Growth Trust (PRGT) funds.
- Maintaining high concessionality of the PRGT.
- Ensuring IMF programs account for regional specificities.
- Strengthening the partnership between the IMF and the Africa Peer Review Mechanism.
- Accelerating debt resolution through the Global Sovereign Debt Roundtable.
By implementing these measures, Africa can overcome its fiscal challenges and achieve sustainable economic growth.
