BoG Governor courts support at IMF-World Bank Meetings

Bank of Ghana (BoG) Governor Dr. Ernest Addison has engaged in a series of crucial meetings at the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, DC.

His engagements aim to strengthen strategic partnerships that could influence the future of Ghana’s economic and financial development.

One of the key discussions involved the World Gold Council (WGC), an organisation committed to enhancing the gold market globally – with a particular focus on Ghana.

Dr. Addison met with senior WGC officials including Kurtulus Taskale Daimondopoulos, Director for Central Banks and Public Policy, and Shaokai Fan, Global Head of Central Banks. During the meeting, Dr. Addison underscored the need for Ghana to establish a London Bullion Market Association (LBMA)-certified refinery. This initiative would improve the value chain of Ghana’s gold production, positioning the country as a more competitive player in the international gold market.

“The establishment of an LBMA-certified refinery would not only authenticate the quality of Ghana’s gold but also enhance its global marketability,” Dr. Addison stated.

He emphasised the importance of refining and certifying Ghana’s gold to meet international standards, noting that this would provide the country with better pricing power and greater market access.

The World Gold Council representatives explained their ongoing work in Ghana, particularly providing gold market standards. They also expressed interest in supporting Ghana’s efforts to advance its gold value chain.

In another significant meeting, Dr. Addison engaged with officials from the European Bank for Reconstruction and Development (EBRD). EBRD officials acknowledged Ghana’s progress in managing its economic recovery, particularly success of the country’s recent debt restructuring process. Burkhard Kubel-Sorger, CFO and Vice President-EBRD, praised Ghana’s approach; describing the debt restructuring as a model that other nations could learn from.

“Ghana’s swift and effective debt restructuring process sets a remarkable precedent for other nations,” Kubel-Sorger said.

The EBRD delegation, which also included Managing Director for sub-Saharan Africa Dr. Heike Harmgart and Director of Economic Policy Arthur Radziwill, discussed potential collaborations in key sectors. These sectors include agribusiness, infrastructure development and climate finance – areas that align with Ghana’s development goals.

Dr. Addison used the opportunity to highlight Ghana’s recovery from economic challenges it faced in 2022. He noted that while the country experienced significant instability due to the global economic downturn, it has since returned to a path of stability and growth.

He credited government’s economic policies, particularly monetary measures implemented by the Bank of Ghana, with helping the country navigate the crisis and restore confidence in the financial system.

“Despite the difficulties of 2022, we are seeing positive signs of recovery, and our macroeconomic environment is stabilizing,” Dr. Addison said.

He pointed to the debt restructuring success and effective management of monetary policy as crucial steps in stabilising the economy.

The engagement with the EBRD is particularly significant, as it opens the door for potential investments and support in areas critical to Ghana’s economic development. Collaboration on infrastructure and climate finance, for example, could help accelerate the country’s efforts to build sustainable growth models and enhance its capacity to address the impacts of climate change.

The BoG Governor also held meetings with other financial institutions and key stakeholders to explore further partnerships and investment opportunities. These discussions are seen as vital for Ghana’s efforts to strengthen its financial position and build resilience against future economic shocks.

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