By Albert Allotey
Accra, Aug. 30, GNA – The Ghana International Trade and Finance Conference (GITFiC) has urged Africa and the world to adopt its call for a Global Debt Initiative (GDI.)
“This will allow for the opening of discussions to achieve a total debt cancellation to bring long-term relief to economies of least developed and developing countries,” it said.
The GITFiC made this known in its position document on the GDI, titled: “Revisiting the Debt Burden on Developing and Least Developed Economies.”
Mr Selai Koffi Ackom, the Chief Executive Officer of GITFiC presented the paper at a press briefing on the upcoming 8th Ghana International Trade and Finance Conference (GITFiC 2024) scheduled for Friday, September 6, 2024 in Accra.
“It is in the world’s collective interest that global sustainable measures be outlined and implemented immediately to avoid the looming catastrophe,” he said.
The GITFiC would constitute a team to approach creditors both bilateral and multilateral, private and government to explain its position and seek their understanding and compliance.
“We will then offer debtor nations in Africa and the global south a voluntary opportunity to sign on to our Global Debt Initiative and will be treated case by case,” Mr Ackom said.
“Debtor nations on our Global Debt Initiative will be shown amongst other things, their willingness to open up, provide a clear roadmap for debt management, sustainability, prospects for economic growth and sign an MoU laying down a pragmatic programme of not going back to debt of such magnitude.”
“We believe that creditors appreciate the dying consequences of such debt situations and will, therefore, not hesitate to listen, accept, and comply with our position aimed at sharing global prosperity with strict focus on Africa and the global south.”
The GITFIC 2024 conference is on the theme: “A Call for a New Global Financing Pact: Collaborative Pathways to Economic Resilience and Global Prosperity.”
Touching on the rationale for a Global Financing Pact, Mr Ackom said economic resilience and global prosperity could not be achieved in isolation.
“The interconnectedness of today’s world necessitates collaborative efforts, where nations pool resources, share expertise, and align their objectives,” he said.
“As economies become more integrated through trade, finance, and technology, the spillover effects of economic policies and shocks have magnified, underscoring the need for a collaborative approach to ensure stability and prosperity.”
The Chief Executive said a global financing pact would provide a framework for countries to collectively address common challenges such as financial volatility, climate change impacts, and socioeconomic disparities, leveraging shared resources, expertise, and policy coordination to foster sustainable development and resilience.
The conference aims at cultivating a unified approach to addressing burgeoning debt crises, promote debt sustainability, and facilitate coordinated action among stakeholders.
The key outcome envisaged is to formulate a comprehensive framework for debt restructuring and relief tailored to meet the unique challenges faced by indebted nations.
GNA