The Ghana International Trade and Finance Conference (GITFiC) has called for the urgent adoption of its Global Debt Initiative to provide long-term relief for least-developed and developing nations. The Initiative advocates for comprehensive debt cancellation, particularly for African countries, to alleviate the financial strain exacerbated by the COVID-19 pandemic and the Russia-Ukraine war.
At the 8th International Conference in Accra, Mr. Selasi Koffi Ackom, CEO of GITFiC, warned that delays in implementing these reforms could lead to deeper crises with potentially catastrophic global impacts. “We are not just calling on the international community to listen, we are urging swift action. Global debt is not just a financial issue; it is a development challenge that affects livelihoods, progress, and the future of global equity,” he said.
The conference, held at the Accra International Conference Centre, gathered stakeholders to discuss the critical issues influencing global financial systems. The Global Debt Initiative is supported by the United Nations, the Ghana Catholic Bishops’ Conference, the African Union, the African Development Bank, and other international partners.
Mr. Ackom emphasized that current debt relief frameworks, like the Debt Service Suspension Initiative, offer only temporary solutions and are unsustainable. “The time for action is now. The world cannot delay in reforming the global financial system to make it more inclusive, fair, and responsive to the needs of all countries,” he said.
The African Development Bank projects that African countries will allocate around $74 billion to debt service in 2024, a 335% increase from $17 billion in 2010. Very Reverend Father Clement Kwasi Adjei, Secretary General of the Ghana Catholic Bishops’ Conference, stressed that the call for reforms is urgent, noting that economic prosperity should not be a privilege for the few. He advocated for fair trade practices and equitable debt relief.
Mr. Abdul-Fatawu Hakeem, Head of the Debt Policy Unit at the Ministry of Finance, highlighted the significant role of international credit rating institutions in shaping Africa’s economic policies. “The Ministry of Finance aligns with the theme of the conference, especially at a time when innovative financing options are crucial to addressing economic challenges and improving the plight of our citizens,” he said.
