The Governor of the Bank of Ghana, Dr. Ernest Addison, in his address at the 2020 IMF/World Bank Annual Meetings, indicated that the coronavirus pandemic continues to take a significant toll on many vulnerable groups leading to high levels of poverty and inequality.
Speaking at the annual meeting, Dr. Ernest Addison intimated that “we are facing the prospect of years of poverty reduction and economic progress being reversed by the pandemic. The shock waves from the COVID-19 crisis could lead to a lost decade for the world’s poorest countries unless they receive urgent help and financial assistance”.
Dr. Ernest Addison, in his address, cautioned that there is a “need to enact policies to protect recent hard-won human capital gains and prevent long-term damage to the poorer and vulnerable segments of our societies”.
The Governor of the Bank of Ghana went on to say that the international community has done a commendable job in providing global solutions to tackle the pandemic, however, there is more it can do to assist its members, to prevent the “health crisis” from becoming a “humanitarian crisis”.
Again, Dr. Ernest Addison asserted that the virus has no borders, as such, demands that every country comes on board to fight this pandemic. He also added that there’s a need for the global community to be mindful of the kind of world we will want to have after the pandemic.
“As we move out of firefighting mode, we should think about the type of post-COVID world we want to shape. We need a recovery that is people-centred, sustainable, and fair”.
In concluding his speech, the Bank of Ghana Governor commended the IMF and the World Bank Group “for once again showing their strong commitment to global economic cooperation and bringing us together by arranging the virtual 2020 Annual Meetings” and encouraged that all and sundry should continue to contribute to providing solutions to tackle this global challenge.
“It is important that we keep this momentum as we discuss our shared challenges and joint solutions for global health, economic prosperity, and equality over the coming days”.
