Translate To All Languages

Cancel Africa’s Debts; Restructure Global Financial Architecture–Prez www.EweGhana.Net

Cancel Africa’s Debts; Restructure Global Financial Architecture–Prez www.EweGhana.Net The President of the Republic, Nana Addo Dankwa Akufo...


Cancel Africa’s Debts; Restructure Global Financial Architecture–Prez www.EweGhana.Net
Cancel Africa’s Debts; Restructure Global Financial Architecture–Prez www.EweGhana.Net

The President of the Republic, Nana Addo Dankwa Akufo-Addo, is calling for the restructuring of the global financial architecture so it can respond better to the needs of Africa, as well as the cancellation of debts owed by African countries, in the wake of COVID-19.
Taking his turn to address the Summit on Financing African Economies, in Paris, France, on Tuesday, 18th May 2020, President Akufo-Addo noted that, the Bretton Woods Conference, which took place as World War II drew to a close, created a global financial architecture, over the last 77 years, has proven to be unfavourable for Africa.

According to the President, the economies of Europe, America, and Asia having grown significantly during that time, whilst those of Africa have not, attributing collateral damage from the Cold War, inequity in the global economic system, an economic relationship built on power and resource grab, as well as leadership and governance issues on the African continent, as issues confronting the continent.

“These challenges have resulted in a global economic system that has proven to be incapable of supporting lives and livelihoods, and allocating sufficient long-term resources to support Africa’s economic transformation,” President Akufo-Addo said.

He noted further that Africa’s development finance cost does not reflect its economic fundamentals, credit, or default cost, citing the case of Ghana where the country’s sovereign debt is more expensive than that of the similarly-rated Belarus, which pays some one hundred (100) basis points less than Ghana.

The structural inequities confronting African economies, the President stressed, has been worsened by COVID-19, evidenced by the fact that a mere 2% of the 1.3 billion vaccine doses administered globally, at the end of April, were in Africa.

“The pandemic has also ensured that the total fiscal deficit of Africa rose from 4.7% of GDP in 2019 to 8.7% in 2020; overall debt levels are also estimated to have increased from 57% of GDP in 2019 to 70% in 2021. Without the ‘fiscal room to breathe’, Africa could truly become ‘the forgotten continent, and that is why there is urgent need for comprehensive debt relief and debt cancellation,” President Akufo-Addo stated.

He continued, “Just as the Bretton Woods institutions helped to rebuild the post-war global economy, and rekindled international economic cooperation, seventy-seven (77) years ago, there is now a historic opportunity to reset the global financial system’s economic rules to give African countries an equal chance at development, in the wake of the pandemic.”

The President, thus, proposed two solutions at the conference to help address the situation confronting the continent of Africa.

Beyond the two pillars announced by President Macron, President Akufo-Addo suggested a third pillar, which should focus on the restructuring of the current global financial architecture to provide for access and equity to long-term finance to support economic transformation in Africa.

“This should include the establishment of an African Stability Mechanism, akin to the European Stability Mechanism. The African Stability Mechanism will be a permanent firewall for Africa to safeguard and provide instant emergency access to financial assistance for countries in financial difficulty,” he added.

The second solution proposed by the President is the bridging of the immediate liquidity and potential insolvency issues confronting the continent and its financial institutions.

“I urge the IMF to on-lend twenty-five to thirty percent of new six hundred and fifty billion dollars (US$650 billion) SDRs, to support low and vulnerable middle-income countries before the 2021 annual meetings, increase IDA funding to strengthen the balance sheet of the World Bank, replenish the African Development Bank and Afreximbank to support investment in green investments, facilitate trade, and support the private sector to create jobs and build back better,” he added.

With Africa, in 2050, becoming home to a quarter of the world’s population, more than half of the global youth population, and, potentially, having a GDP of some twenty-nine trillion United States dollars, President Akufo-Addo told the gathering that “it is, thus, in our collective interest to create the conditions that will enable such a development to be of benefit to the entire globe.”

COMMENTS

RECENT WITH THUMBS$type=blogging$m=0$cate=0$sn=0$rm=0$c=4$va=0

Local News Entertainment Celebrities music Politics Ghana Africa Entertainment News World-Entertainment Ghana music news Videos Election 2020 NPP Crime Musicians Presidential Latest News In Ghana Africa News NDC Volta Region Breaking News Sports Education Breaking Africa Finance Ewe Ghana Relationship General News featured news EweGhana Parliamentary GH MUSIC Video Breaking World-Sports Latest music Music Video Business Nigerian Music World News Health Nigeria Sports News History www.EweGhana.Net 18+ Slay Queen Results Trending Government World-Politics Ladies Dancehall World-Business Police Advert Shatta Wale Music and Video EweGhana.Net Football Ashanti Region Covid19 Foreign News Culture School Biography Events Church Accident Religious Rock Venus Press Release News In French lifestyle Gospel Music International Awards Election Shows Food Sarkodie Stonebwoy Technology showbizz Social Kwabena Yeboah Soccer Akufo Addo Artiste Profile Accra Coronavirus Fashion NPP NEWS Animals Games Porn mixtape #Fixthecountry Music Lyrics Sex Media Artists Profile Kenya Nigeria Videos Science Bible Birthday Security Showbiz Job Life Others Performing Video Tourism Bloggers Market Pastor Akuapem Poloo Artist DJs Mixtape FM Program Germany Interview Multimedia Photos Corona Virus Dj china ghana Gosple India Jamaica MP Actress Ashanti Beauty Talk Coronavirus News Khemikhals Speak Your Mind Movement Tema Togo Uganda Court Curvy FM Stations Festivals Fucking Gun Instrumentals Italian Music Mali Marriage Radio Station Program Advice Blakabill Event Haircut Hairstyle Inspiring Our Culture Journalism Life Inspiration Medikal Philohope South Africa Tv3 Actor Arsenal Burkina Faso Cameroon Central Africa Chad Dance Video Date Rush Death Destie HIPLIFE Jobs Malaria Minister Of Health Nana Agradaa Princess Of Principle Reggae Republic Of The Congo Sierra Leone Tanzania Trending News USA West Africa World-Music Adult Banks Benin Edem Environment France Hair Growth Hip hop Instrumental Mozambique Russia Senegal Thac Nation Trees Tunisia Weapon Afia Odo Athletes Australia British China Christians Culture Festivals Egypt GHANA NEWS HEADLINES Galamsey Gold Gold Cassy Reigns Hair Style IGP Leaks Manchester United Money National Other Parties Rhino Robbers Sierra Leone Music Social news South Sudan Tokyo Upcoming Vaccine World Health Organization kuami Eugene Afri America Anoda Level Articles Bono Region Comedy Crises D Black Digital Marketing Ethiopia Film Ghana Music Lyrics Gyakie Hotel Light It Up Records Morocco Mr. Loyalty Peeshaar Dhiss Pregnancy President Joe Biden Sakabo Show Strongman Technician Tribes Water Yaa Pono fire outbreaks opinion AFRICA NEWS HEADLINES AirtelTtigo Ama Nova Army Art Barcelona Belgium Benin Music Berlin Bet Big Boiz Burna Boy COVID-19 Cowbell Cup Davido Destiny Etiko Dubai ECOWAS Eastern Region Ebola Efia Odo Efya El Kassy Electoral Commission Europa League Europe Faction Designs Finland Fraud French German Shepherd Gospel Grammy Award Guchi Hospital Hygiene Iran Jaman Kwabena Japan Jennifer Joe Main Johannesburg John Dumelo Kasapa Kasoa Kennedy Agyapong Kidi King Godzy Kofi Kinaata Kumasi Kumawood Kwaw Kese Ladis Lawyer Ntim Liberia Lyrics Video Malawi Mavado Maxbriyann Miami Michelle Obama Model Motivation Motorbikes Motorway MzVee NASA Nanky Nigeria Nig Nollywood Official Olympic Pakistan Paralympian Plants Port Poverty Prosecutor Queen Of Africa Ras Rex Omar Richest Rwanda Secu Shugatiti Somalia Suez Canal Sunyani Sweden Taiwan Tamale Teni Thailand The Trigger Vibes Tokyo Olympic Games Train Tubrizzy Turkey UK UN United States Vacc Vybz Kartel WHO Youth Zambia Zimbabwe beaches Adzake Akrobeto Akwaboah Album Amerado Anthony B Ay Poyoo Banger Alert Bella Jemima Bisa Kdei Body Builders Boxer Brazil Bus Cannot Lose Carboni Central Region Divorce Dj Profile Doctor Drip Yesu EP Eastern Region Ebony Efua Kueen Enam – Talk To Your Boyfriend (Feat Sister Deborah X T’neeya) England Eno Be Muf Fameye Fancy Gadam Fava Gee Gallaxy Hajia Bintu Ike Millions Italy Jamz Album Jokes Kahpun Kanye West Kelvynboy Ken Rhapz King Godzy Gh King Promise Kitchen Kofi mole Kwame Yogot Kwesi Arthur Larruso Legon Libyan Living Dove Chapel Love Massage Mharidiva Northern Region Okyeame Kwame Old News Pappy Kojo Penis Ph Media Africa Portugal Prison Products Prostitute Rape Ras Kuuku Rastafarian Reggie Rockstone Rema Rent Romania Samini Selena Gomez Selina Boateng Shoprite Singapore Sista Afia Sister Derby Snakes Stonedeegh Sudan Table Tennis Tattoo ThanksGiving Tommy Lee Spartan Tony West Top 50 Best Indian Film Actresses VehementlyBwoy Wizkid Yvonne Nelson ent l officials series
Name

#Fixthecountry,17,18+,68,Accident,33,Accra,20,Actor,6,Actress,9,Adult,5,Advert,52,Advice,7,Adzake,1,Afia Odo,4,Afri,3,Africa,556,Africa News,196,AFRICA NEWS HEADLINES,2,AirtelTtigo,2,Akrobeto,1,Akuapem Poloo,11,Akufo Addo,21,Akwaboah,1,Album,1,Ama Nova,2,Amerado,1,America,3,Animals,18,Anoda Level,3,Anthony B,1,Army,2,Arsenal,6,Art,2,Articles,3,Artist,11,Artiste Profile,21,Artists Profile,15,Ashanti,9,Ashanti Region,40,Athletes,4,Australia,4,Awards,27,Ay Poyoo,1,Banger Alert,1,Banks,5,Barcelona,2,beaches,2,Beauty Talk,9,Belgium,2,Bella Jemima,1,Benin,5,Benin Music,2,Berlin,2,Bet,2,Bible,14,Big Boiz,2,Biography,35,Birthday,14,Bisa Kdei,1,Blakabill,7,Bloggers,12,Body Builders,1,Bono Region,3,Boxer,1,Brazil,1,Breaking,102,Breaking Africa,127,Breaking News,161,British,4,Burkina Faso,6,Burna Boy,2,Bus,1,Business,87,Cameroon,6,Cannot Lose,1,Carboni,1,Celebrities,914,Central Africa,6,Central Region,1,Chad,6,China,4,Christians,4,Church,34,Comedy,3,Corona Virus,10,Coronavirus,20,Coronavirus News,9,Court,8,COVID-19,2,Covid19,39,Cowbell,2,Crime,241,Crises,3,Culture,38,Culture Festivals,4,Cup,2,Curvy,8,D Black,3,Dance Video,6,Dancehall,54,Date Rush,6,Davido,2,Death,6,Destie,6,Destiny Etiko,2,Digital Marketing,3,Divorce,1,Dj china ghana,10,Dj Profile,1,DJs Mixtape,11,Doctor,1,Drip Yesu,1,Dubai,2,Eastern Region,1,Eastern Region,2,Ebola,2,Ebony,1,ECOWAS,2,Edem,5,Education,136,Efia Odo,2,Efua Kueen,1,Efya,2,Egypt,4,El Kassy,2,Election,27,Election 2020,270,Electoral Commission,2,Enam – Talk To Your Boyfriend (Feat Sister Deborah X T’neeya),1,England,1,Eno Be Muf,1,ent,1,Entertainment,1091,Entertainment News,534,Environment,5,EP,1,Ethiopia,3,Europa League,2,Europe,2,Event,7,Events,35,Ewe Ghana,121,EweGhana,109,EweGhana.Net,46,Faction Designs,2,Fameye,1,Fancy Gadam,1,Fashion,19,Fava Gee,1,featured news,116,Festivals,8,Film,3,Finance,122,Finland,2,fire outbreaks,3,FM Program,11,FM Stations,8,Food,25,Football,46,Foreign News,39,France,5,Fraud,2,French,2,Fucking,8,Galamsey,4,Gallaxy,1,Games,18,General News,118,German Shepherd,2,Germany,11,GH MUSIC,107,Ghana,618,Ghana music,433,Ghana Music Lyrics,3,GHANA NEWS HEADLINES,4,Gold,4,Gold Cassy Reigns,4,Gospel,2,Gospel Music,30,Gosple,10,Government,57,Grammy Award,2,Guchi,2,Gun,8,Gyakie,3,Hair Growth,5,Hair Style,4,Haircut,7,Hairstyle,7,Hajia Bintu,1,Health,77,Hip hop,5,HIPLIFE,6,History,70,Hospital,2,Hotel,3,Hygiene,2,IGP,4,Ike Millions,1,India,10,Inspiring Our Culture,7,Instrumental,5,Instrumentals,8,International,29,Interview,11,Iran,2,Italian Music,8,Italy,1,Jamaica,10,Jaman Kwabena,2,Jamz Album,1,Japan,2,Jennifer,2,Job,13,Jobs,6,Joe Main,2,Johannesburg,2,John Dumelo,2,Jokes,1,Journalism,7,Kahpun,1,Kanye West,1,Kasapa,2,Kasoa,2,Kelvynboy,1,Ken Rhapz,1,Kennedy Agyapong,2,Kenya,15,Khemikhals,9,Kidi,2,King Godzy,2,King Godzy Gh,1,King Promise,1,Kitchen,1,Kofi Kinaata,2,Kofi mole,1,kuami Eugene,4,Kumasi,2,Kumawood,2,Kwabena Yeboah,23,Kwame Yogot,1,Kwaw Kese,2,Kwesi Arthur,1,l,1,Ladies,55,Ladis,2,Larruso,1,Latest music,88,Latest News In Ghana,202,Lawyer Ntim,2,Leaks,4,Legon,1,Liberia,2,Libyan,1,Life,13,Life Inspiration,7,lifestyle,31,Light It Up Records,3,Living Dove Chapel,1,Local News,1308,Love,1,Lyrics Video,2,Malaria,6,Malawi,2,Mali,8,Manchester United,4,Market,12,Marriage,8,Massage,1,Mavado,2,Maxbriyann,2,Media,16,Medikal,7,Mharidiva,1,Miami,2,Michelle Obama,2,Minister Of Health,6,mixtape,18,Model,2,Money,4,Morocco,3,Motivation,2,Motorbikes,2,Motorway,2,Mozambique,5,MP,10,Mr. Loyalty,3,Multimedia,11,music,908,Music and Video,47,Music Lyrics,17,Music Video,88,Musicians,221,MzVee,2,Nana Agradaa,6,Nanky,2,NASA,2,National,4,NDC,170,news,424,News In French,31,Nigeria,76,Nigeria Nig,2,Nigeria Videos,15,Nigerian Music,83,Nollywood,2,Northern Region,1,NPP,258,NPP NEWS,19,Official,2,officials,1,Okyeame Kwame,1,Old News,1,Olympic,2,opinion,3,Other Parties,4,Others,13,Pakistan,2,Pappy Kojo,1,Paralympian,2,Parliamentary,108,Pastor,12,Peeshaar Dhiss,3,Penis,1,Performing Video,13,Ph Media Africa,1,Philohope,7,Photos,11,Plants,2,Police,53,Politics,747,Porn,18,Port,2,Portugal,1,Poverty,2,Pregnancy,3,President Joe Biden,3,Presidential,219,Press Release,32,Princess Of Principle,6,Prison,1,Products,1,Prosecutor,2,Prostitute,1,Queen Of Africa,2,Radio Station Program,8,Rape,1,Ras,2,Ras Kuuku,1,Rastafarian,1,Reggae,6,Reggie Rockstone,1,Relationship,121,Religious,33,Rema,1,Rent,1,Republic Of The Congo,6,Results,62,Rex Omar,2,Rhino,4,Richest,2,Robbers,4,Rock Venus,33,Romania,1,Russia,5,Rwanda,2,Sakabo,3,Samini,1,Sarkodie,25,School,38,Science,15,Secu,2,Security,14,Selena Gomez,1,Selina Boateng,1,Senegal,5,series,1,Sex,17,Shatta Wale,49,Shoprite,1,Show,3,Showbiz,14,showbizz,25,Shows,26,Shugatiti,2,Sierra Leone,6,Sierra Leone Music,4,Singapore,1,Sista Afia,1,Sister Derby,1,Slay Queen,64,Snakes,1,Soccer,23,Social,24,Social news,4,Somalia,2,South Africa,7,South Sudan,4,Speak Your Mind Movement,9,Sports,146,Sports News,71,Stonebwoy,25,Stonedeegh,1,Strongman,3,Sudan,1,Suez Canal,2,Sunyani,2,Sweden,2,Table Tennis,1,Taiwan,2,Tamale,2,Tanzania,6,Tattoo,1,Technician,3,Technology,25,Tema,9,Teni,2,Thac Nation,5,Thailand,2,ThanksGiving,1,The Trigger Vibes,2,Togo,9,Tokyo,4,Tokyo Olympic Games,2,Tommy Lee Spartan,1,Tony West,1,Top 50 Best Indian Film Actresses,1,Tourism,13,Train,2,Trees,5,Trending,61,Trending News,6,Tribes,3,Tubrizzy,2,Tunisia,5,Turkey,2,Tv3,7,Uganda,9,UK,2,UN,2,United States,2,Upcoming,4,USA,6,Vacc,2,Vaccine,4,VehementlyBwoy,1,Video,105,Videos,380,Volta Region,169,Vybz Kartel,2,Water,3,Weapon,5,West Africa,6,WHO,2,Wizkid,1,World Health Organization,4,World News,79,World-Business,54,World-Entertainment,486,World-Music,6,World-Politics,57,World-Sports,98,www.EweGhana.Net,70,Yaa Pono,3,Youth,2,Yvonne Nelson,1,Zambia,2,Zimbabwe,2,
ltr
item
EweGhana.Net Inspiring Our Culture: Cancel Africa’s Debts; Restructure Global Financial Architecture–Prez www.EweGhana.Net
Cancel Africa’s Debts; Restructure Global Financial Architecture–Prez www.EweGhana.Net
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdvOUVfx0BkZS6NMQHlB-7KB5Bhu_7slJolc8zj4NlgifhgzxMSVt0ZLnTIpOsdvyAuEAby-z69gTZHlVgD5C8-H6s-k2g6IywfOonEFJhGTbhmBemhdutHpbG3tQNOHyPKlhXMuAwmTE/s1600/Screenshot_20210518-191410.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdvOUVfx0BkZS6NMQHlB-7KB5Bhu_7slJolc8zj4NlgifhgzxMSVt0ZLnTIpOsdvyAuEAby-z69gTZHlVgD5C8-H6s-k2g6IywfOonEFJhGTbhmBemhdutHpbG3tQNOHyPKlhXMuAwmTE/s72-c/Screenshot_20210518-191410.jpg
EweGhana.Net Inspiring Our Culture
https://www.eweghana.net/2021/07/cancel-africas-debts-restructure-global.html
https://www.eweghana.net/
https://www.eweghana.net/
https://www.eweghana.net/2021/07/cancel-africas-debts-restructure-global.html
true
3390848294410594855
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content