News | Finance Ministry, IMF, ACET hold joint conference on Moving Beyond Aid

Finance Ministry, IMF, ACET hold joint conference on Moving Beyond Aid

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Business News of Saturday, 31 March 2018

Source: Graphic.com.gh

Ken Ofori Atta IMF WorldKen Ofori-Atta, Finance Minister

The Ministry of Finance (MoF), the African Center for Economic Transformation (ACET), and the International Monetary Fund (IMF) will from 4th to 5th April, jointly hold a conference on, “Moving Beyond Aid: Domestic Revenue Mobilization for G-20 Compact with Africa (CWA) countries”, in Accra.

A statement issued jointly by the three institutions said the two-day conference will bring together senior government officials and representatives of revenue agencies from eight countries in the sub-region. They are Benin, Côte d’Ivoire, Egypt, Ghana, Guinea, Rwanda, Senegal, and Tunisia. Development partners, experts and representatives of civil society will also be in attendance.

The conference will provide Compact with Africa (CWA) countries a common platform for knowledge sharing and peer-to-peer learning on revenue mobilization as well as ways to overcome aid dependence, ease financing constraints, and enhance growth prospects - all key elements to achieve prosperity without jeopardizing debt sustainability, the statement said.

The conference will also help CWA countries deal with institutional and political constraints in revenue mobilization, improving tax compliance, and alleviating base erosion and profit shifting by multinational companies. It will focus on common domestic revenue mobilization (DRM) challenges and propose short and medium-term growth-friendly revenue-enhancing solutions.

The CWA initiative aims to attract private investment to the CWA countries by ensuring macroeconomic stability, investment-friendly tax systems to help maintain fiscal discipline, while providing adequate financing for governments’ development needs, and was initiated by the German Presidency in the Finance Track, endorsed by the G-20 Finance Ministers and Central Bank Governors in Baden-Baden in March 2017, to promote private investment in Africa, including in infrastructure.

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By Genny Smith 30/03/2018 20:03:00