The Ghana International Trade and Finance Conference (GITFIC) has issued a strong call to action, unveiling a position paper that urges immediate global intervention to address the escalating debt burdens of developing and least-developed countries. The position paper advocates for a comprehensive and coordinated approach involving multinational agencies, private creditors, non-Paris Club countries, and international financial institutions to tackle these debt challenges.
During a press briefing in Accra, Mr. Selasi Koffi Ackom, Chief Executive Officer of GITFiC, outlined the key points of the paper ahead of the 8th annual conference, which will be held on September 6, 2024, in Accra, Ghana, and from September 20-23, 2024, in New York, USA. The conference will focus on the theme, “A Call for a New Global Financing Pact: Collaborative Pathways to Economic Resilience and Global Prosperity.”
Mr. Ackom emphasized that the theme reflects an urgent need for a new global financing framework that can address the debt issues faced by many nations. “The call for a global financing pact has emerged in direct response to the pressing debt challenges that hinder economic growth and stability,” he said. “This conference aims to foster collaboration among nations to build economic resilience and promote global prosperity.”
He pointed out the challenges of the current financial systems, noting that while they have supported growth in some regions, they have also perpetuated inequalities, exacerbated vulnerabilities, and constrained the capacity of smaller economies. “By leveraging collective expertise and insights, participants at this conference aim to devise innovative mechanisms that balance debt sustainability with the socio-economic needs of borrowing nations, thereby fostering conditions for equitable growth and development,” Mr. Ackom stated.
He also highlighted the conference’s focus on the implementation of robust transparency measures, effective debt management practices, and strong governance frameworks. These, he said, are crucial for mitigating risks, building trust among stakeholders, and ensuring that resources are wisely allocated to critical sectors such as healthcare, education, and infrastructure.
“A call for a global debt initiative through a new global financing pact offers a transformative vision for reshaping the contours of the global economy, fostering collaboration, and advancing shared prosperity,” Mr. Ackom added. “By embracing principles of equity, sustainability, inclusivity, and resilience, and by adopting collaborative pathways that leverage multilateral cooperation, public-private partnerships, technological innovation, and capacity building, nations can forge a more resilient, equitable, and prosperous future for all.”
Mrs. Ngone Diop, Director of the United Nations Economic Commission for Africa, also addressed the press, praising GITFIC for organizing the conference. She emphasized the importance of collective action, saying, “The time has come for all indebted nations to come together with one voice for economic transformation. We must seize this opportunity to create lasting change.”