The Ghana International Trade and Finance Conference (GITFC), in partnership with the United Nations Economic Commission for Africa, has called for a review of the Global Debt Initiative.
This was announced at a press briefing weekend on the forthcoming 8th Ghana International Trade and Finance Conference set for Friday, September 6, 2024, in Ghana, in partnership with the United Nations Economic Commission for Africa.
Ngone Diop, director, the United Nations Economic Commission for Africa, stated that the conference’s theme; “A Call for a New Global Financing Pact: Collaborative Pathways to Economic Resilience and Global Prosperity” would explore a new Global Financing Pact (GFP) and find collaborative pathways that could pave the way for economic resilience and prosperity in Africa.
“Currently, our countries are facing unprecedented situations when accessing regional, and international resources.”
“Despite the situation our countries are in, there are also opportunities for change, to revisit the whole risk, the approach of risk when it comes to African countries accessing concessional loans,” she said.
Selasi Koffi Ackom, Chief Executive Officer of GITFiC presented their position on the Global Debt Initiative in a document titled “Revisiting the Debt Burden on Developing and Least Developed Economies”.
Ackom noted that the 2008 financial crisis and subsequent economic downturns have highlighted the systemic risks associated with uncoordinated financial policies, underscoring the urgency for a more integrated and collaborative approach.
He stated that a framework for debt restructuring and relief addressing unique challenges faced by indebted nations would be formulated by the end of the conference.
“By leveraging collective expertise and insights, participants aim to devise innovative mechanisms that balance the imperatives of debt sustainability with the socio-economic needs of borrowing nations, fostering conditions for equitable growth and development,” he said.
“It’s a moment of rethinking the foundation of the African economy in the way it helps us bring to the fore some strategies that can support the continent’s economic transformation.”
“All of these will be brought to the fore at this important conference that Ghana GITFiC is leading in collaboration, with the United Nations, and the African Union,” Diop added.
