Finance Minister Ken Ofori-Atta has called on the World Bank to support African economies, most especially businesses in the private sector.
Mr Ofori-Atta noted that the private sector of African economies has the potential to stabilize the impact of the economic crisis caused by force majeures.
“The empathy is clear, the need to introduce something new and, therefore, their interest in encouraging the World Bank to find more resources, tapping into the private sector so that they will stabilize where things are going,” he explained.
Mr. Ofori- Atta made this revelation after a meeting between African finance ministers and the G7 as part of the ongoing World Bank/International Monetary Fund (IMF) Meetings in Washington D.C.
The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union.
Representatives from Ghana, Tunisia, Morocco and Senegal represented Africa at the meeting.
Mr Ofori-Atta described the meeting as historic and crucial to all participating countries as this is the first time African finance ministers have been invited for such discussions.
The meeting brings together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organizations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.
Also featured are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world’s financial system.
Meanwhile, Ofori-Atta will preside over the V20 Ministers of Finance Annual Dialogue IX on Sunday, October 16, 2022.
The ministerial event, held every year alongside the World Bank-IMF Annual Meetings in Washington DC, will be attended by finance ministers from Africa, Asia, the Caribbean, Latin America, the Middle East, and the Pacific.
The V20 Group of Finance Ministers is composed of 58 countries whose economies are most vulnerable to climate impacts.
The group has several ongoing initiatives with G7 and G20 countries to tackle global climate finance and loss and damage issues.