The Minister for Finance, Ken Ofori-Atta, has characterized the IMF-World Bank Annual Meetings as an opportunity to initiate a fresh start for the global financial structure.

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Addressing a Roundtable Discussion on "IMF Policy Priorities," Mr. Ofori-Atta urged the IMF to bolster the global financial safety net by implementing substantial reforms to the global financial framework, stressing that "we need to stretch the IMF to do more."

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During the Roundtable, hosted by US Treasury Secretary Janet Yellen, Mr. Ofori-Atta commended the transformative leadership of IMF Managing Director Kristalina Georgieva, which has resulted in the accomplishment of significant milestones.

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Mr. Ofori-Atta also advocated for an IMF that can offer substantial resources on a large scale to enhance the global financial safety net.

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"The need is great. And at these Annual Meetings, the developing world is asking the international community to do all it can to advance a reform agenda that ensures institutions like the IMF have the requisite mandates, financing, and governance models to deliver transformative impact,” he said.

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He called for “reform of the available tools and lending instruments of the Fund to deal with global exogenous shocks.”

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https://citinewsroom.com/wp-content/uploads/2023/10/WhatsApp-Image-2023-10-11-at-18.47.34_1b720186.jpgKen

Ofori-Atta exchanging pleasantries with a member of Kuwaiti Delegation after IMF High Level Event on Poverty Reduction and Growth Trust (PRGT) on 11th October 2023 in Marrakech

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On Governance, Mr Ofori-Atta pushed for broad-based prosperity anchored on bold reforms to the global financial architecture, by calling for increased Sub-Saharan African representation on the IMF Executive Board, through the creation of a Sub-Saharan African seat at the IMF Executive Board Level.

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The Marrakech gathering marks only the second time that Africa has hosted the Annual Meetings, the first time being fifty years ago in Kenya, in 1973.

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