BoG Governor, Dr. Ernest Addison
Bank of Ghana Governor, Dr. Ernest Addison, has recommended a number of actions to the International Monetary Fund given the fragmented global financial architecture which is impacting on countries in Sub-Saharan Africa.
Delivering remarks at the IMF-African Caucus meeting in Marrakech, Morocco Dr. Addison called on the IMF to remain steadfast and adapt its lending toolkits to changing global conditions to serve its vulnerable membership better.
“In this context, we restate our earlier request for increased concessional financing by aligning PRGT access thresholds with those of the GRA to ensure uniformity of treatment,“ Dr Addison said.
"In addition, we call on the Fund to relax the Poverty Reduction and Growth (PRGT) eligibility criteria to foster access to adequate Fund support while reducing, suspending, or eliminating entirely surcharges for most vulnerable PRGT-eligible members facing acute debt challenges,” he added.
The BoG Governor further reiterated the call on the IMF for additional pledges from willing donors to close the gaps in PRGT resources.
He further stressed on the criticality of a successful completion of the ongoing 16th General Review of Quotas (GRQ) to reinforce IMF finances while protecting the quota share of the vulnerable members.
Due to the current economic challenges, countries in Sub-Saharan Africa have been clamoring for a change in the global financial architecture to allow for countries to gain access to international markets and increased concessional funding.
MA/NOQ
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