The United States Secretary of the Treasury, Janet L. Yellen, has commended President Nana Addo Dankwa Akufo-Addo for his dedication to implementing economic reforms in Ghana. Yellen emphasised that these reforms are crucial for enhancing economic growth and resilience, particularly following Ghana’s progress in restructuring its debt under the International Monetary Fund (IMF) programme. The commendation took place during a meeting between Yellen and President Akufo-Addo on June 22, on the sidelines of the Summit for a New Global Financial Pact in France. This summit, organised by French President Emmanuel Macron, invited key global figures like President Akufo-Addo to discuss evolving multilateral development banks in addressing 21st-century global challenges.
The discussions between Yellen and Akufo-Addo also revolved around efforts to mobilise climate and infrastructure financing for Ghana and other African countries. In May of this year, the IMF congratulated Ghana on the approval of a US$3 billion IMF-supported programme by its Executive Board. The IMF expressed its support for Ghana as it implements reforms to tackle the current economic and financial crisis and to foster a better future for its citizens.
The June 2023 Summit for a New Global Financial Pact aims to address the compounded consequences of climate, energy, health, and economic crises, particularly in vulnerable countries. It seeks to propose solutions to financial issues that extend beyond climate-related concerns, including enhancing access to healthcare and combating poverty. The COVID-19 pandemic and the war in Ukraine, along with their subsequent impacts, have limited the fiscal and budgetary capacities of many countries, hindering their ability to provide basic social services to their populations. The United Nations Development Programme (UNDP) reported a decline in human development in nine out of ten countries worldwide in 2022, mainly due to decreases in life expectancy and increases in poverty.
The French Minister of Europe and Foreign Affairs stated that the Summit intends to “establish a new contract with the North and the South” to facilitate access to financing for vulnerable countries to address ongoing and future crises. The Summit aims to restore fiscal space for countries facing short-term challenges, especially those with high levels of debt, and promote private sector development in low-income nations. Additionally, it seeks to encourage investment in green infrastructure for energy transitions in emerging and developing countries while mobilising innovative financing for countries vulnerable to climate change.