Adnan Adams Mohammed
Ghana government officials at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington DC, held separate meetings with bilateral partners to deepen economic cooperation.
Among the partners were the European Bank for Reconstruction and Development (EBRD) and the World Gold Council.
The leader of Ghana’s delegation, Governor of the Bank of Ghana (BoG), Dr. Ernest Addison and his team engaged with Dr. Heike Harmgart, Managing Director for Sub-Saharan Africa at the EBRD. Also present were Burkard Kubel-Sorger, Chief Finance Officer (CFO)/Vice President, and Artur Radziwill, Director of Country Economics, Strategy, and Policy at the EBRD.
Additionally, the Governor held a separate meeting with the World Gold Council, represented by Kurtulus Taskale Diamondopoulos, Director of Central Banks and Public Policy, and Shaokai Fan, Head of Asia-Pacific and Global Head of Central Banks.
The meetings deliberated on potential collaborations for Ghana’s economic sustainability, with mutual benefits for both the country and the development partner.
Dr. Harmgart expressed the EBRD’s interest in the operations of the Bank of Ghana, aiming to better understand the Central Bank’s role in managing the country’s macroeconomic framework, particularly its monetary policy.
Dr Harmgart praised Ghana for successfully completing its debt restructuring, a key component of the country’s ongoing $3 billion Extended Credit Facility (ECF) programme with the IMF, describing it as a model for other nations.
Dr Addison in his remarks acknowledged the sacrifices made by Ghanaians, which helped the government navigate tough times to secure the IMF loan and complete the debt restructuring programme.
He noted that these efforts have been critical to the country’s economic recovery following the COVID-19 pandemic.
The discussion with the World Gold Council, a non-governmental organization committed to enhancing transparency in the global gold supply chain, focused on standardisation.
Kurtulus Taskale Diamondopoulos outlined the Council’s role in setting standards, shaping policy, and establishing principles for a sustainable gold market.
Dr. Addison called for a partnership aimed at certifying gold refineries in Ghana to enhance the gold value chain. As Africa’s largest gold producer and the sixth largest in the world, Ghana mined 4.03 million ounces of gold in 2023. Over the past 12 months, the price of gold surged from $1,947 to $2,715.
Gold in Ghana, as in other markets, serves as a store of value, hedging against inflation and currency fluctuations.
It also functions as a central bank reserve and is widely used in jewellery, coins, and other ornaments.
Meanwhile, Ghana’s Finance Minister, Dr. Mohammed Amin Adam, speaking at same event, emphasised the crucial role of intra-African trade in bolstering the country’s economic recovery and resilience against external shocks.
He underscored the need for African nations to unite in overcoming the barriers that hinder effective trade within the continent.
“Ghana cannot achieve this alone,” he said, adding, “We must unite to address the obstacles preventing us from realising the dream of a robust intra-African trade system.”
The Finance Minister identified the African Continental Free Trade Area (AfCFTA) as a key driver for regional integration and economic growth in Ghana.
He noted that intra-African trade could catalyse job creation, economic expansion, and poverty reduction, while also acknowledging the support of global institutions like the World Bank and the International Monetary Fund (IMF) in helping to dismantle trade barriers.
“We recognise intra-African trade as essential for economic growth and are committed to eliminating the challenges with the continued support of our global partners,” Dr Adam stated.
Dr Adam also called on the IMF and World Bank to back initiatives like regional payment systems, which are crucial to unlocking the full potential of intra-African trade and facilitating seamless transactions across borders.
“Ghana and the region need guarantees to mitigate risks associated with payment systems,” he explained, highlighting the importance of a unified, intra-continental payment framework to ensure the successful implementation of the AfCFTA.
“We recognise that financial inclusion and harmonised trade routes are necessary to ensure inclusive implementation of the AfCFTA,” he added.
The Minister also engaged in bilateral talks with Ghana’s development partners.
These discussions have focused on critical issues such as Ghana’s development operations, energy sector reforms, and climate change strategies.
During these meetings, the Finance Minister stressed the important role Ghana’s partners play in stabilising the country’s economy.
He also advocated for reforms to the global financial architecture, pushing for greater African influence in shaping the flow of global capital and international support.
Dr Adam made these remarks at the ACET Roundtable on Africa’s Agenda for Financial Architecture Reform, co-hosted by the African Union and the United Nations Economic Commission for Africa (UNECA) at the Elliott School of International Affairs, George Washington University, last week.
