The Ghana International Trade and Finance Conference (GITFiC) has presented its position on the Global Debt Initiative in a document: ‘Revisiting the Debt Burden on Developing and Least Developed Economies’ with a call for an urgent review of the initiative.
It said this was to holistically address the debt challenges of developing and least-developed countries through the concerted efforts of multilateral agencies, private creditors, non-Paris Club countries and multi-national financial bodies.
Mr Selasi Koffi Ackom, Chief Executive Officer of GITFiC made this known at a press briefing on the forthcoming 8Th Ghana International Trade and Finance Conference on Friday, September 6, 2024, in Accra.
Mrs Ngone Diop, Director of the United Nations Economic Commission for Africa at Tema one Thursday also addressed the conference.
The conference on the theme: ‘A Call for a New Global Financing Pact: Collaborative Pathways to Economic Resilience and Global Prosperity,’ would explore the imperatives for a new Glo
bal Financing Pact (GFP) and delineate collaborative pathways that could pave the way for economic resilience and prosperity.
He said the call for GFP has emerged as a response to debt challenges, and that the conference was aimed at fostering collaboration among nations and institutions to ensure economic resilience and promote global prosperity.
‘Historically, the global financial architecture has been characterized by fragmented initiatives, dominated by a few powerful nations or institutions.
‘While such systems have facilitated growth in many regions, they have also perpetuated inequalities, exacerbated vulnerabilities, and limited the capacity of smaller economies to navigate turbulent economic waters independently,’ he stated.
Mr 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 said the key outcome envisaged
from the conference was the formulation of a comprehensive framework for debt restructuring and relief tailored to meet the unique challenges faced by indebted nations.
‘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, thereby fostering conditions for equitable growth and development.
The Chief Executive said the conference was expected to emphasize the implementation of robust transparency measures, debt management practices, and governance frameworks that aimed at mitigating risks, building trust among stakeholders, and ensuring that resources were judiciously allocated to priority areas, 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.
‘By emb
racing principles of equity, sustainability, inclusivity, and resilience, and 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.
‘The time for action is now; the stakes have never been higher, and the opportunities for positive change are within our grasp,’ Mr Ackom observed
Mrs Ngone Diop, Director-United Nations Economic Commission for Africa congratulated the GITFiC for the conference and that the time had come for all indebted nations to come together to speak with one voice for economic transformation.
Source: Ghana News Agency