The Speaker of Parliament, Rt. Hon. Alban Sumana Kingsford Bagbin, has reaffirmed the importance of the Ghana International Trade and Finance Conference’s (GITFiC) Global Debt Initiative, calling for a fairer international financial system and stronger African cooperation to address the continent’s mounting debt challenges.
Speaking at GITFiC’s 10th anniversary conference in Accra on October 14, 2026, the Speaker advocated a coordinated approach to sovereign debt reform, stressing that Africa must combine demands for fairness in the global financial system with responsible governance and stronger domestic institutions.
Mr Bagbin questioned the sustainability of continued borrowing to meet existing obligations, asking how long African countries could continue borrowing against their future to pay for past debts. He called for a coordinated global framework involving creditors, multilateral institutions, private lenders and development partners, alongside domestic reforms to improve accountability and public financial management.
The Speaker maintained that Africa was not seeking handouts but a fairer system that would allow the continent to participate meaningfully in global economic decision-making. He also urged African countries to speak with one voice in debt negotiations and pursue reforms that recognise historical injustices while addressing governance weaknesses and inefficient public spending.
His remarks reinforced the objectives of GITFiC’s Global Debt Initiative, which seeks comprehensive sovereign debt relief and restructuring, stronger bargaining power for African debtor nations and debt solutions that support sustainable development. GITFiC Chief Executive Officer, Selasi Koffi Ackom, reiterated the organisation’s commitment to advancing structured debt swaps, relief frameworks and international cooperation through the initiative.
The conference, held under the theme, “Scaling GITFiC’s Global Debt Initiative: Transforming Sovereign Debt Challenges into Catalysts for Sustainable Development and Global Economic Broad-based Prosperity,” brought together policymakers, development partners, businesses and academics to examine Africa’s financial future.
The UN Resident Coordinator in Ghana, Zia Choudhury, also stressed that debt relief must translate into tangible development outcomes, including better schools, healthcare, infrastructure and job opportunities. He called for transparent management of any fiscal space created through debt relief.
Mr Bagbin further urged African countries to develop governance systems suited to their own circumstances, arguing that lasting economic transformation requires a change in mindset, stronger accountability and responsible leadership.
His intervention placed renewed emphasis on GITFiC’s drive to build consensus around a fairer global debt architecture and turn debt reform into an instrument for sustainable development across Africa.