Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said the support of the International Moneyray Fund (IMF) should remain flexible, adapting to global conditions and country-specific needs, while ensuring sufficient resources.In this context, Dr Addiosn said, maintaining the high concessionality of the Poverty Reduction and Growth Trust is critical while ensuring adequate financing through all possible options, such as gold sales."In this regard, it is crucial to highlight that the timing for the resumption of charging interest rates on PRGT funds (tiered interest rate structure) is inappropriate as most PRGT-eligible countries are still facing significant challenges.
Relatedly, the IMF's charges and the surcharges policy should avoid adding financial burdens on countries facing fiscal challenges.
With the expiry of the Food Shock Window and rising food insecurity, especially in Africa, timely emergency financing through CCRT resources and program augmentations is essential.
Intensified fundraising efforts under the second phase of resource mobilisation are paramount," he said during the 2024 Africa Caucus Meeting with the Managing Director of the International Monetary Fund, Kristalina Georgieva in Washington, on Tuesday, October 22.D Addison also mentioned a collaborative approach to address Africa's fiscal challenges is crucial as the second issue to be looked at by the Fund."We urge the IMF and World Bank to coordinate their support to develop resilient fiscal policies, considering Africa's diverse needs.