Closing Remarks delivered by H.E. Ken Ofori-Atta, Senior Presidential Advisor on Finance and Special Envoy on International Investment and Capital Markets, Republic of Ghana and former V20 Chair
V20 MINISTERIAL DIALOGUE XII
16 April 2024
Washington D.C., USA
H.E. Ken Ofori-Atta, Senior Presidential Advisor on Finance and Special Envoy on International Investment and Capital Markets, Republic of Ghana and former V20 Chair
Thank you, my Minister of Finance of Ghana. Truly, that’s humbling, and it’s been an honor to get to where we are. Clearly, the world is not going to remain the same, and we need to make some very dramatic changes if we want to secure global prosperity, inclusive for all.
I think one of the key issues really is to define the whole concept of global public good. I think once we are able to define that, we’ll be able to tackle the regulations that we have, because then we’ll make the appropriate formula so that the banks, and the asset management companies, the insurance companies will have a new definition as to what the use of the capital is.
There is no question that with over $145 trillion, there is enough capital to solve this problem. We have created our own imprisonment and therefore, unable to look beyond that to solve this problem. However, we do have to solve that, and I believe we can. [And so] The issue of the V20-CVF, the 68 countries, 1.7 billion people, a new global office, really gives us the opportunity to circle the wagons and change the trajectory of where the world is going. We must do that.
If, for example, by 2050 Africa is going to have a quarter of the world’s population, close to a billion people, who then will form the consumers that we need, the productivity that is required, change where global supply chains are, I think it will be good for all of us.
In this historic period, as we approach this precipice of climate-induced disaster, we can change that. Our situation therefore calls to mind the ancient story of Cassandra from Greek mythology. Cassandra who was blessed with the gift of prophecy, yet cursed never to be believed, foretold the fall of Troy. Despite her warnings, she was ignored, leading to catastrophic loss. This tale serves as a stark reminder of the consequences of inaction in the face of clear danger, and we must avoid that.
We look forward to the leadership of our Secretary General Excellency Nasheed, and the new presidency and Prime Minister Mottley to be able to guide us to go forward. I think we’re in a good place in a historic location of Accra, Ghana, which led to the independence of African countries in the ’60s and spearheaded the Non-Aligned Movement and co-founded the Africa Union. It is now the headquarters for the AfCFTA for economic emancipation. Now, we have the Climate Vulnerable Forum there.
We are in a good place to move forward, to be confident, and I think together we can do it. So thank you once again, and I’m sure that we’ll be victorious.
Thank you.
[END]