\n
By Francis Ntow<\/p>\n
Washington DC (USA), Oct 25, GNA \u2013 The International Monetary Fund (IMF) has proposed four key solutions to transform the fundamental structure of Ghana and other African economies, propelling them into higher-middle-income status.\u00a0<\/p>\n
It includes a holistic combination of education in people and human capital development, heavy investment in infrastructure, growth\u2011enhancing reforms, and improved governance.\u00a0<\/p>\n
These approach, Ms Kristalina Georgieva, Managing Director, said would enable countries in middle\u2011income trap for the past two decades to break out and reach a higher-middle income status, increasing growth to about eight per cent.\u00a0<\/p>\n
She said that in response to a question asked by the Ghana News Agency at the launch of the Fund\u2019s Global Policy Agenda, on the margins of the 2024 IMF\/World Bank Group (WBG) annual meetings in Washington DC (USA).\u00a0<\/p>\n
According to\u00a0the 2024 World Bank World Development Report, only 43 out of the 108 countries classified as middle-income-countries have reached higher-middle-income status for the past two decades, leaving 74 countries trapped.\u00a0<\/p>\n
Ms Georgieva noted that there was evidence to show that countries could break out of the middle\u2011income trap through an inclusive approach, centred on people, infrastructure, growth reforms and good governance.\u00a0<\/p>\n
\u201cWe have seen through history how countries break out of this middle\u2011income trap, and it is a combination of four things; invest in education, in people, in human capital, [and] invest in infrastructure,\u201d she said.\u00a0<\/p>\n
\u201cThese days digital infrastructure is hugely important. It has to be equitable. Invest in governance, rule of law, transparency, and accountability to the public, and cooperate. Learn from others, engage with others, and I think this is where countries need to go,\u201d she added.\u00a0<\/p>\n
She indicated that the Fund\u2019s studies had proven that through growth\u2011enhancing reforms, countries could move into higher-middle-income status, leading to a growth trajectory of up to eight per cent.\u00a0<\/p>\n
\u201cSo, it is that determination and engaging the public, creating public support that brings results,\u201d the IMF Managing Director said while encouraging global partnerships.\u00a0<\/p>\n
She said the Fund continually work with lower-middle income countries to identify that pathway on a country-by-country basis, providing country\u2011specific directions and reforms that could help them reach a higher-middle-income level.\u00a0<\/p>\n
Making a reference, she said, \u201cI always like to give the example of Jamaica because Jamaica was a country 10, 12 years ago, it was a country with very high debt, a lot of crime. People were kind of desperate for their future.\u201d\u00a0<\/p>\n
Nonetheless, she said, \u201c[Jamaica] brought that down by half and they moved the country in a very positive growth trajectory by that holistic approach to development.\u201d\u00a0<\/p>\n
\u201cSo, basically, for low\u2011income countries, this is not given that you cannot break out of it, but it does require a comprehensive programme of reforms. It does require consistency of implementing these reforms. And it does require bringing public support for it,\u201d said, Ms Georgieva.\u00a0<\/p>\n
The IMF in its Global Policy Agenda has pushed for increased effort in securing a soft landing of economies, breaking out of the low\u2011growth-high\u2011debt path by carrying out pro\u2011growth reforms, including cutting red tape and improving governance.\u00a0<\/p>\n
\u201cAs we tackle these challenges, it is also essential that we continue to cooperate on climate, technology, debt, trade. Only by working together can we seize the opportunities and mitigate the risks of these great changes,\u201d said Ms Georgieva.\u00a0<\/p>\n
GNA\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
By Francis Ntow Washington DC (USA), Oct 25, GNA \u2013 The International Monetary Fund (IMF) has proposed four key solutions to transform the fundamental structure of Ghana and other African economies, propelling them into higher-middle-income status.\u00a0 It includes a holistic combination of education in people and human capital development, heavy investment in infrastructure, growth\u2011enhancing reforms, […]<\/p>\n","protected":false},"author":1,"featured_media":239323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-239322","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n
IMF offers four-prong solution to lift Ghana, others to higher-middle income - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/25\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF offers four-prong solution to lift Ghana, others to higher-middle income - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"By Francis Ntow Washington DC (USA), Oct 25, GNA \u2013 The International Monetary Fund (IMF) has proposed four key solutions to transform the fundamental structure of Ghana and other African economies, propelling them into higher-middle-income status.\u00a0 It includes a holistic combination of education in people and human capital development, heavy investment in infrastructure, growth\u2011enhancing reforms, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/10\/25\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-25T21:22:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/10\/Economics-African-Economies-1-scaled-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1525\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/25\\\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/25\\\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"IMF offers four-prong solution to lift Ghana, others to higher-middle income\",\"datePublished\":\"2024-10-25T21:22:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/25\\\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\\\/\"},\"wordCount\":564,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/25\\\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/Economics-African-Economies-1-scaled-1.jpg\",\"articleSection\":[\"Top News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/25\\\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/25\\\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/10\\\/25\\\/imf-offers-four-prong-solution-to-lift-ghana-others-to-higher-middle-income\\\/\",\"name\":\"IMF offers four-prong solution to lift Ghana, others to higher-middle income - 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