WASHINGTON: In a strategic move to foster economic recovery and stability, Dr. Ernest Addison, the Governor of the Bank of Ghana, conducted bilateral meetings with key development partners on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, D.C.
According to Ghana News Agency, Dr. Addison engaged representatives from the European Bank for Reconstruction and Development (EBRD) and the World Gold Council. The meetings focused on enhancing cooperation for Ghana’s economic sustainability and strengthening its monetary policy framework. During a closed-door session with Dr. Heike Harmgart, Managing Director for Sub-Saharan Africa at the EBRD, discussions revolved around mutual benefits from working collaborations. This engagement underscored the EBRD’s interest in understanding the operations of the Bank of Ghana and the central role it plays in macroeconomic management.
The EBRD representatives, including Burkard Kubel-Sorger and Artur Ra
dziwill, acknowledged Ghana’s efforts in completing its debt restructuring under the US$3 billion Extended Credit Facility program with the IMF. This achievement was highlighted as a significant milestone and a learning opportunity for other countries. Dr. Addison commended Ghanaians for their resilience during the challenging period of securing the IMF loan, which has been instrumental in stabilizing the economy post-COVID-19.
In a separate meeting with the World Gold Council, discussions focused on standardizing the gold market and enhancing supply-chain transparency. Kurtulus Taskale Diamondopoulos and Shaokai Fan of the Council emphasized the importance of policy shaping and setting principles for a sustainable gold market. Dr. Addison advocated for a partnership aimed at certifying refineries in Ghana to boost the gold value chain. As Africa’s largest and the world’s sixth-largest gold producer, Ghana’s gold output and market dynamics were pivotal topics.
The strategic engagements mark a significant st
ep in Ghana’s ongoing efforts to strengthen its economy and forge valuable international partnerships, positioning the country for a sustainable economic future.