Marrakech, Sunday 15th October 2023 – Ken Ofori-Atta, Minister for Finance has affirmed Ghana’s unwavering commitment to host the Independent Secretariat for the Climate Vulnerable Forum of the V20 Group of Finance Ministers with a pledge of one million US dollars.
The one million US dollars (US$1m) pledge is to assist in the establishment of the Secretariat's administrative infrastructure. He made the commitment during the V20 Ministerial Dialogue, as part of the IMF/World Bank Annual Meetings in Morocco.
Mr. Ofori-Atta, who is the Chair of the V20 emphasize the significance of the commitment by stating, “This commitment is crucial to building a robust institution with coherent governance structures and resources to aptly respond to the needs and developmental aspirations of our expanding membership,”.
The Chairman stressed the group’s objective to create an autonomous secretariat that would no longer be incubated in other organisations but situated in the Global South, managed by the Global South, and would be better positioned to optimise the resources raised for the membership as well as advance the objectives of climate vulnerable countries.
The meeting was centred around the theme, "Securing Shared Prosperity and Sustainable Development in a Climate Insecure World."
Minister Ofori-Atta concluded by welcoming new members to the V20, including Dominica, Jordan, Mozambique, Namibia, Pakistan, Paraguay, Sierra Leone, Togo, Tonga, and Trinidad and Tobago. He also expressed the group's solidarity with the governments and people of Libya and Afghanistan as they grapple with recent calamities.
The IMF Managing Director, Kristalina Georgieva in her remarks commended Morocco for their incredible hospitality, warmth, and efficiency in hosting the 2023 Annual Meetings of the International Monetary Fund and the World Bank Group.
‘’We waited for them and postponed the Annual meetings twice because of Covid-19, but I think your membership was right to show solidarity with Morocco by coming here’’ she acknowledged.
Responding to the calls for the recognition of the V20 Finance Ministers as an official group at the Fund, the IMF Boss indicated that, the Fund was considering the mechanism required to make the V20 a group in the Fund and further stated that, the Group was welcome to convene meetings during the IMF and World Bank Meetings.
She revealed that, the Fund had commenced some analytic work and policy recommendations and reforms on public financing to promote decarbonization and the role the private sector could play in that regard.
In her televised remarks, the Prime Minister for Barbados and the next chair of the V20 Group, Mia Amor Mottley, noted her country’s readiness to support the group move to the next level of advancement while commending Mr. Ofori-Atta for his excellent stewardship.
She noted that ‘’the path before us is as clear as the challenges’’ and added, however that, the group represented the solution to world crises even as it remained the victims of the crises.
The Prime Minister said that the issues that drew the group together were too big, and broad and therefore, welcomed the recognition of the Group by the World Bank and IMF as an opportunity to get a voice.
The V20 member countries, called for official recognition by the World Bank and International Monetary Fund (IMF) as an official constituency, highlighting their unique experience and expertise in representing the common priorities and interests of 58 of the world's most climate-threatened developing economies.
This constituency includes least-developed countries, small island developing states, and nations that often lack representation on monetary and development issues in the deliberations and decisions of the Bretton Woods Institutions.
The meeting brought together Finance Ministers from V20 member countries, as well as high-level representatives from the G7 and G20 countries, heads of international financial institutions, multilateral development banks, and various partners.
Other distinguished speakers included Mr. Axel van Trotsenburg, Senior Managing Director of the World Bank. His Excellency Majid Al Suwaidi, COP28 Presidency-designate, and Professor Patrick Verkoijen, CEO of the Global Center on Adaptation, also addressed the assembly. END