Governor of the Bank of Ghana, Dr. Ernest Addison, has proposed several actions to the International Monetary Fund (IMF) in response to the disintegrated global financial framework that is affecting countries in Sub-Saharan Africa.
During his address at the IMF-African Caucus gathering in Marrakech, Morocco, Dr. Addison urged the IMF to maintain its resolve and modify its lending strategies to align with evolving global circumstances, with the aim of better serving its susceptible member nations.
“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 Governor of the Bank of Ghana reiterated the appeal to the IMF for additional commitments from willing donors to address the shortfalls in PRGT resources.
He emphasized the vital importance of successfully concluding the ongoing 16th General Review of Quotas (GRQ) to strengthen the IMF’s financial standing while safeguarding the quota share of more vulnerable member nations.
In response to the present economic difficulties, countries in Sub-Saharan Africa have been advocating for a transformation in the global financial structure to enable greater access to international markets and increased concessional funding.