By: Edward Nyarko
Minister for Finance, Ken Ofori-Atta, has described the IMF-World Bank Annual Meetings as an opportunity for a new beginning for the global financial architecture.
In his remarks at a Roundtable Discussion on “IMF Policy Priorities”, Mr Ofori-Atta charged the IMF to strengthen the global financial safety net through bold reforms to the global financial architecture.
During the Roundtable hosted by US Treasury Secretary, Janet Yellen, Mr Ofori-Atta praised the transformative leadership of IMF Managing Director, Kristalina Georgieva, which has led to the achievement of truly momentous things.
He however continued, “We need to stretch the IMF to do more. 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.”
Mr Ofori-Atta further advocated for an IMF that is able to provide sufficient resources at scale to strengthen the global financial safety net.
He called for “reform of the available tools and lending instruments of the Fund to deal with global exogenous shocks.”
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.
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.
