Minister for Finance, Ken Ofori-Atta, has reiterated calls for support for global financial system reform as advanced by the V20 Group of Finance Ministers of the Climate Vulnerable Forum (CVF) through the recently launched Accra-to-Marrakech Agenda.
Speaking at a summit organized by the French government on the New Global Financing Pact in France on June 25, Mr Ofori-Atta noted that “it is Important to develop powerful coalitions that are willing to fight for our common humanity as we coordinate our efforts to respond positively to the need for the development of a fit-for-climate global financial system.”
The review, the Minister noted, could revolutionize how countries who were in debt due to their efforts to rebuild after climate events had wrought devastation in their economies or countries that were seeking funds to build resilience and adapt to the ongoing climate events could be supported.
Mr Ofori-Atta, who represented Ghana, the Chair of the V20, called for “the kind of leadership the world saw that led to the abolishment of apartheid, the drive behind the civil rights movement and the development of the Bretton Woods institutions”.
The French government organized a summit on the New Global Financing Pact in order to facilitate the resolution of global challenges like global warming, loss of biodiversity, debt, pandemics, and the return of extreme poverty since the current state of cooperation between states has been satisfactory.
The summit brought together heads of state and government, leaders of major international organizations, representatives of global financial institutions, and private sector and civil society representatives.
Very engaging panel by the @V20Group on the sides of the #ParisSummit. Leadership of today has to develop enlightened self interest to ensure that the world speeds up towards action & real solutions, for a global financial architecture that works for climate vulnerable countries. pic.twitter.com/AUjxkkLDk5
— Office of the Finance Minister-Ghana (@oofmghana) June 25, 2023
The discussions over the two-day period centred on addressing the financing required to meet the global challenges and to build solidarity amongst countries and all the critical stakeholders as governments work in solidarity towards a just green transition exploring a change of scale and methods.
Representing the Government of Ghana were the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, Minister for Finance, Hon. Ken Ofori-Atta and Minister for Environment, Science, Technology and Innovation, Hon. Dr. Kwaku Afriyie.
The V20 Group is a dedicated cooperation initiative of economies systematically vulnerable to climate change.
The V20 membership stands at 58 countries representing some 1.5 billion people from Afghanistan, Bangladesh, Barbados, Benin, Bhutan, Burkina Faso, Cambodia, Chad, Colombia, Comoros, Costa Rica, Côte d’Ivoire, the Democratic Republic of the Congo, Dominican Republic, Eswatini, Ethiopia, Fiji, The Gambia, Ghana, Grenada, Guatemala, Guinea, Guyana, Haiti.
The remaining countries are: Honduras, Kenya, Kiribati, Kyrgyzstan, Lebanon, Liberia, Madagascar, Malawi, Maldives, Marshall Islands, Mongolia, Morocco, Nepal, Nicaragua, Niger, Palau, Palestine, Papua New Guinea, Philippines, Rwanda, Saint Lucia, Samoa, Senegal, South Sudan, Sri Lanka, Sudan, Tanzania, Timor-Leste, Tunisia, Tuvalu, Uganda, Vanuatu, Viet Nam, and Yemen.