Business / Hangzhou G20

G20 summit to pave way for sustainable, inclusive growth: Ghanaian official

(Xinhua) Updated: 2016-09-03 14:58

ACCRA - The upcoming G20 summit in Hangzhou, China, will help create the needed foundation for sustainable and inclusive growth across the world, said a senior Ghanaian official to Xinhua.

Isaac Osei, the Parliamentary Minority spokesman on foreign affairs, said supporting infrastructure development in developing and least developed countries (LCDs) as well as rethinking the way international development financing is governed are key to achieving this goal.

"An area which I believe will engage their attention is how we govern the way international finance institutions work to support development; how we provide a delicate balance between growth and development," he said.

"Also how we create the foundation upon which we can not just grow our countries but also develop our countries in a balanced way; for a shared growth, not just on the level of rhetoric, but which has meaning for the people and for our country," Osei said.

He stressed the need for G20 summit to devise ways of ensuring balanced growth among countries in order to bridge the gap of development across the world.

Osei lauded China for the leadership in global affairs, which he said is clear in the choice of Hangzhou to host the G20 summit.

"You know China calls itself a developing country, but we know that the Chinese have the second largest economy in the world and the rate at which they are growing, they will soon become the most important country in terms of the size of their economy," Osei, who is also a former Ghana Ambassador to the United States.

Osei added that China's hosting of the G20 summit will further demonstrate the country as a major force to reckon with on the global stage.

He underscored the need for African countries to take a cue from China's rise and develop their trade relations aside from their traditional Western partners who are also "looking East."

Osei said he expects the summit to be a success since China is known for great organizational ability and leadership.

"I am sure it will be a very successful summit," he added.

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