{"id":56792,"date":"2023-10-13T21:14:43","date_gmt":"2023-10-13T21:14:43","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=56792"},"modified":"2023-10-13T20:49:54","modified_gmt":"2023-10-13T20:49:54","slug":"bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily","title":{"rendered":"BoG Governor calls\u00a0for G20 members\u2019 debts to be restructured speedily"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Dr Ernest Addison, Governor, Bank of Ghana (BoG), has pushed for a fast-track debt restructuring for vulnerable Group of Twenty (G20) members, including Ghana, Ethiopia, and Malawi. <\/b><\/p>\n

This comes on the back of recent agreements reached between Zambia and Chad and its creditors, and the need to safeguard these countries from any domestic financial market instability, Dr Addisson said.<\/p>\n

He was speaking at an African Caucus Meeting on \u201cMaking public debt useful for sustainable growth in Africa,\u201d at the ongoing International Monetary Fund (IMF)\/World Bank Group (WBG) Annual Meetings in Marrakech.<\/p>\n

\u201cWhile welcoming the latest developments on Zambia and Chad, we underscore the need to revamp the G20 Common Framework (CF) to ensure timely, orderly, equitable, inclusive, and transparent debt restructuring for distressed members in the region (including, Ghana, Ethiopia, and Malawi),\u201d he said.<\/p>\n

\u201cWe also call for a carefully designed debt resolution mechanism, especially, for vulnerable members with large-domestic creditors (as in the case of Ghana) to help avert domestic financial market instability,\u201d the BoG Governor added.<\/p>\n

The Governor said that improved debtor-creditor engagements through an enhanced Global Sovereign Debt Roundtable (GSDR) and strengthened technical support was critical to boost a swifter, proactive and systematic restructuring.<\/p>\n

\u201cWe also reaffirm the request for debt standstill during times of negotiations to offer immediate relief to debtors and restate our request for multilateral debt cancellation for the most vulnerable members facing acute debt challenges,\u201d Dr Addison said.<\/p>\n

He noted that an enhanced IMF\u2019s cooperation with Multilateral Development Banks\/Regional Development Banks was necessary to facilitate timely provision financial assistance for G20 members facing significant debt and growth challenges.<\/p>\n

\u201cIn this context, we restate the call for new SDR allocation through the MDBs\/RDBs\u2019 (including the African Development Bank \u2013 AfDB), given their multiplier effects in achieving climate and development goals,\u201d he said.<\/p>\n

\u201cGiven the fragmented global financial architecture, we urge the IMF to remain steadfast and adapt its lending toolkits to changing global conditions to serve its G20 vulnerable membership better,\u201d Mr Addison advocated.<\/p>\n

Speaking on this issue at a press briefing on Thursday, Ms Kristalina Goergieva, Managing Director, IMF, said: \u201cThe Common Framework has been slow to deliver to countries that turn to it for support.\u201d<\/p>\n

She noted, however, that: \u201cWe see an encouraging sign that the time taken to reach an agreement among creditors is short with every step.\u201d<\/p>\n

She noted that it took 11 months for the creditors of Chad to provide the Fund with financial assurances needed for us to help the country, nine months for Zambia, six months for Sri Lanka, and five months for Ghana.<\/p>\n

The IMF MD explained that debt cancellation required all creditors to agree, due to the complex composition of creditors and different configuration in every case, which made it excruciatingly difficult for debt restructuring.<\/p>\n

She recommended a case-by-case approach in identifying the creditors, form a Creditors\u2019 Committee, while the IMF and World Bank provided the parameters of what they need to agree on.<\/p>\n

\u201cThis is the way that today, debt restructuring is delivered, Ms Goergieva said, adding that \u201cmy plea is, pressure for speed and efficiency, but don\u2019t throw the towel on the Common Framework, because if we lose it, then we\u2019re back in a much less predictable environment.\u201d<\/p>\n

Many African economies are faced with acute debt challenges underscored by rising social and infrastructural needs, amid spill overs from the COVID-19 pandemic, the war in Ukraine, tightening of global financing conditions, and climate-related disasters.<\/p>\n

This has made it crucial for them to restore debt sustainability, promote inclusive and sustainable growth on the continent, requiring debt treatment, especially from external creditors.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Dr Ernest Addison, Governor, Bank of Ghana (BoG), has pushed for a fast-track debt restructuring for vulnerable Group of Twenty (G20) members, including Ghana, Ethiopia, and Malawi. This comes on the back of recent agreements reached between Zambia and Chad and its creditors, and the need to safeguard these countries from any […]<\/p>\n","protected":false},"author":84,"featured_media":56791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-56792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nBoG Governor calls\u00a0for G20 members\u2019 debts to be restructured speedily - Ghana<\/title>\n<meta name=\"description\" content=\"Dr Ernest Addison, Governor, Bank of Ghana (BoG), has pushed for a fast-track debt restructuring for vulnerable Group ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG Governor calls\u00a0for G20 members\u2019 debts to be restructured speedily\" \/>\n<meta property=\"og:description\" content=\"Dr Ernest Addison, Governor, Bank of Ghana (BoG), has pushed for a fast-track debt restructuring for vulnerable Group ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-13T21:14:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/10\/sm_1697217339.810517.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BoG Governor calls\u00a0for G20 members\u2019 debts to be restructured speedily\",\"datePublished\":\"2023-10-13T21:14:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily\"},\"wordCount\":623,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/10\/sm_1697217339.810517.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/bog-governor-calls-for-g20-members-debts-to-be-restructured-speedily\",\"name\":\"BoG Governor calls\u00a0for G20 members\u2019 debts to be restructured speedily - 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