Dr. Stephen Opata, Advisor to the Bank of Ghana Governor, has said that affordable financing remains a critical challenge for many African countries due to the decline in Official Development Assistance (ODA) and the limitations of concessional financing. He emphasized the need for governments to explore innovative funding mechanisms, particularly as debt repayment burdens are expected to increase in the coming years.
Speaking at the WAIFEM/IMF Regional Course on Financial Programming and Policies, Dr. Opata, delivering a speech on behalf of the Central Bank Governor, commended Ghana’s efforts in addressing its economic challenges. He noted the Bank of Ghana’s proactive measures to stabilize inflation and strengthen the financial sector, citing the establishment of the Ghana Financial Sector Fund (GFSF) as a key initiative providing support to financial institutions affected by global disruptions.
Dr. Opata also pointed to signs of economic recovery in the region, with projected growth rising from 3.4% in 2023 to 3.7% in 2024. Public debt ratios are stabilizing, and countries like Côte d’Ivoire have returned to international capital markets, signaling improved investor confidence. However, despite these improvements, he reiterated that access to affordable financing remains a major hurdle. He called on policymakers to explore alternative funding sources, including leveraging domestic resource mobilization and developing innovative financial instruments.
He further stressed the importance of capacity building, urging participants to use the knowledge gained during the course to shape effective policies that promote economic resilience. Dr. Opata encouraged them to explore Ghana’s rich culture and tourism during their stay in Accra.
