2020 Annual Meetings - Address by the Chairman of the Board of Governors - Dr. Ernest Kwamina Yedu Addison

Jul 19, 2026

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Opening address by Dr. Ernest Kwamina Yedu Addison, Governor of the Bank of Ghana, to the IMF and World Bank Group Boards of Governors during the 2020 Annual Meetings held virtually amid the COVID-19 pandemic. The speech frames COVID-19 as a major human and economic shock, highlights impacts on emerging markets and low-income households, and describes risks from food insecurity and school closures. It reviews national Ghana measures and global IMF and World Bank emergency financing, plus G20 DSSI debt service suspension, urging immediate action and a fair, people-centered post-COVID recovery.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

AccessFree to download

Opening Address

Global pandemic impacts

Ghana policy responses

IMF and World Bank emergency measures

Debt service relief and call to action

Public Disclosure Authorized Public Disclosure Authorized October 15, 2020 Opening Address by the Chairman of the Boards of Governors, the Hon. ERNEST KWAMINA YEDU ADDISON, Governor of the World Bank Group for GHANA 2020 Annual Meetings Address by the Chairman of the Board of Governors Dr. Ernest Kwamina Yedu Addison Governor of Bank of Ghana A very good morning to you all. It is my greatest pleasure and honor to address the Boards of Governors of the International Monetary Fund and the World Bank Group as we gather virtually. These Annual Meetings are taking place during an unprecedented global pandemic. COVID-19 is first and foremost a human tragedy that is causing immense loss of lives and disruption across our membership. My deep condolences to those who have lost loved ones, and best wishes to everyone affected by the virus. This is an economic shock like no other. Social distancing and lockdown of cities have come at an economic cost—an unavoidable trade-off. The impact on emerging marketsand low-income countries has been particularly severe. Though the pandemic has evolved more slowly than in other parts of the world, many of these economies have been affected by spillovers from weaker global demand, lower commodity prices, and a drop in tourism, with a disproportionate impact on low-skilled workers and those employed in the informal sector, potentially pushing families back into poverty. While lockdowns and containment measures can be effective in stopping the spread of the virus, due to food insecurity in several developing countries, many households risk going hungry if a lockdown lasts more than two weeks. This can lead to malnutrition and worsened health outcomes. In addition, widespread school closures and lack of internet access for remote learning, risk leading to a significant loss of learning and human capital, and can reduce lifetime earnings for children in low-income countries. Many of these children, particularly girls, will not return to school after the pandemic. Policymakers have been quick to respond to the crisis. In Ghana for example, we have implemented a range of public health and socioeconomic measures, such as using drones to deliver samples for testing and delivery of essential services, supporting frontline health workers, covering the cost for testing and treatment, and providing economic relief to citizens and enterprises, including by offering food assistance and free utility services. Countries’ additional COVID-related fiscal spending has led to higher financing requirements. For many emerging market and developing countries, the crisis has triggered urgent liquidity pressures. The Fund and Bank have responded swiftly and at scale, helping countries strengthen their pandemic response and health care systems. The Fund doubled access to its emergency financing facilities and has provided financial assistance to over 80 countries. It has also provided grant-based debt service relief through the Catastrophe Containment and Relief Trust. The Bank is providing up to 160 billion dollars in financing tailored to the health, economic, and social shocks countries are facing. Emergency operations to fight the pandemic have reached 100 developing countries. Fast track facilities were rolled out to ensure swift and broad support to help countries deal with their immediate health emergency needs. The Bank is also a strong advocate for equitable access to any COVID-19 vaccine, which will be especially critical for the poorest countries. As an important complement to the emergency financing provided by the Fund and the Bank, the G20 Debt Service Suspension Initiative (DSSI) has provided temporary suspension of bilateral debt service payments to 43 countries. I am proud to see that the international community has risen to meet this daunting global challenge with global solutions. But this is not yet the moment to look back. The crisis isnot over, and the pandemic continues

FAQs

What is the main message of the chairman’s opening address?

The address emphasizes the severe human and economic impact of COVID-19 and calls for immediate action to protect vulnerable groups and human capital while planning a fair, people-centered recovery.

How does the speech describe the pandemic’s economic consequences for emerging markets and low-income countries?

It describes the crisis as an economic shock that intensifies poverty risk through weaker global demand, lower commodity prices, reduced tourism, and disproportionate harm to low-skilled workers and informal-sector households.

What financial and policy responses are highlighted from the IMF, the World Bank, and the G20?

The speech notes increased IMF emergency financing and grant-based debt service relief, substantial World Bank health and social financing with rapid-track support, and G20 DSSI temporary suspension of bilateral debt service payments to countries.

Jul 19, 2026

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