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Governor Addison calls for stronger IMF support for African economies in debt distress

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Ernest Addison, governor of the Bank of Ghana, poses for a photograph following a Bloomberg Television interview in London, U.K., on Tuesday, Oct. 23, 2018. The global policy tightening cycle could cause "significant challenges" for Ghana after the nation cut its key lending rate to a four-year low, Addison said during the interview. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
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In a compelling address titled “Making Public Debt Useful for Sustainable Growth in Africa,” and delivered at the prestigious World Bank/IMF Meetings in Morocco, Dr. Ernest Addison, the Governor of the Bank of Ghana, made a resounding call to action by the IMF.

Dr. Addison’s speech echoes a clarion call for a more robust and strategic role of the International Monetary Fund (IMF) in bolstering African economies burdened by the weight of high debt distress. Against the backdrop of a challenging global economic environment, his appeal for heightened IMF support emerges as a pressing need.

In recognizing the intricacies of the contemporary global financial landscape, Dr. Addison underscores the need for the IMF to exhibit unwavering resolve. He implores the institution to adapt and fine-tune its lending tools to meet the dynamic demands of the ever-shifting global stage. Such adaptability, he asserts, is pivotal in serving the IMF’s vulnerable membership, particularly in Africa.

A centerpiece of his discourse is the imperative of enhancing multilateral coordination and regulatory frameworks for debt resolution in Low-Income Countries (LICs). Dr. Addison’s call for the establishment of a formidable Global Sovereign Debt Roundtable (GSDR) underscores the gravity of this undertaking.

Moreover, he underscores the necessity for a closer alliance between the IMF and Multilateral Development Banks (MDBs) and Regional Development Banks (RDBs). This collaboration is nothing short of essential to ensure the timely provision of critical financial assistance to countries grappling with substantial debt and growth-related challenges.

In the spirit of comprehensive solutions, Dr. Addison emphasizes the need for the IMF to deepen its tailored capacity development and surveillance support. This collaborative approach, working in tandem with international partners, seeks to address the unique challenges faced by member states. The overarching goal is to restore public debt sustainability and stimulate inclusive and sustainable economic growth and development throughout the African continent.

Dr. Ernest Addison’s address serves as a compelling reminder of the pressing issues at hand and underscores the urgency of proactive measures and international cooperation to address the complex challenge of public debt in Africa. It sets the tone for a path forward, marked by resilience and sustainability in economic growth.

 

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