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US Treasury Secretary Applauds Akufo-Addo’s Dedication to Economic Reforms

US Treasury Secretary, Janet L. Yellen, praises President Nana Addo Dankwa Akufo-Addo’s commitment to Ghana’s economic reforms

During a meeting at the Summit for a New Global Financial Pact in France, US Treasury Secretary Janet L. Yellen commended President Nana Addo Dankwa Akufo-Addo for his dedication to Ghana’s economic reforms. Secretary Yellen emphasized the importance of these reforms in enhancing economic growth and resilience, particularly in light of Ghana’s progress in debt restructuring under the International Monetary Fund (IMF) program. The meeting between the two leaders also focused on advancing the multilateral development banks to address global challenges of the 21st century and mobilizing climate and infrastructure financing for Ghana and other African countries.

The Summit for a New Global Financial Pact, convened by French President Emmanuel Macron, aims to address the intertwined crises of climate change, energy, health, and the economy, with a particular focus on vulnerable nations. It seeks to propose comprehensive solutions that extend beyond climate issues, including improving access to healthcare and combating poverty. The fiscal constraints resulting from the COVID-19 pandemic and the conflict in Ukraine have limited many countries’ ability to finance essential social services, leading to a decline in human development worldwide. The Summit aims to forge a new contract between the North and the South, facilitating financial support for vulnerable nations to address ongoing and future crises. Key objectives include restoring fiscal space for heavily indebted countries, promoting private sector development in low-income countries, investing in green infrastructure for energy transition, and mobilizing innovative financing for climate-vulnerable nations.

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