Finance Ministers of the Group of Seven (G7), met in Washington DC on October 12, 2022 as part of the IMF and World Bank Annual meetings.

The Ministers were joined by a select group of African countries including Ghana and Zambia, to discuss current challenges being faced across advanced and frontier economies.

Other African countries that participated in the meeting were; South Africa, Senegal, Togo, Zambia, Ghana, Guinea, Rwanda, Chad, Tunisia and Morocco.

In his intervention, Ghana's Finance Minister, Ken Ofori-Atta highlighted the progress Ghana has made under the G-20 Compact with Africa.

He emphasised: “With the intent of creating an enabling environment for private capital seeking rewarding growth investments, Ghana signed up to the G20 Compact with Africa (CWA) country in June 2017.

"Since then, we have gradually tackled the structural challenges which have inhibited our drive towards becoming Africa’s investment hub through the implementation of targeted interventions.”

The Minister also drew attention to the need for a more proactive and inclusive approach towards addressing the needs of developing countries.

In relation to public debt levels of African countries, the Minister called for more clarity around the G20 common framework and the need for more engagement between G7 and African Finance Ministers to deliver innovative and collaborative solutions.