COP 27: Akufo-Addo Makes Passionate Appeal To Rich Countries To Swap Debts Of Ghana, Other African Countries

• President Nana Akufo-Addo has lobbied rich countries to forgive the debts of Ghana and other African countries
• The President wants those well-to-do countries to swap their debts for climate interventions
• The President made this known in an address at the United Nations Climate Change Conference, COP27, in Egypt

Rich countries in the world have been urged to forgive the debts of poor African countries, including Ghana.

According to President Nana Akufo-Addo, rich countries should allow heavily indebted developing countries like Ghana to swap their debts with climate interventions.

COP 27: Swapping Our Debts Will Help Us Deal With Challenges Of Climate Change - Akufo-Addo To Rich Countries

Speaking at the ongoing United Nations Climate Change Conference, COP27 in Egypt, the president said the move would help African countries to deal with the challenges of climate change.

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“I urge those who hold African debt to commit to debt for climate swap initiatives….Radical restructuring of the global financial architecture as proposed by the African finance ministers to accommodate the demands of the developing world is of urgent necessity. It is evident that with these poly crisis that it is not fit for purpose,” he said.

The president also criticized the global financial architecture and added that it is not fit for purpose.

Akufo-Addo: President Criticises West For Failing To Honour Promise Of Giving Africa $100 Billion

He also took a swipe at the developed world for failing to honour its side of the bargain by releasing a $100 billion financial package to help under-developed countries deal with the impact of climate change.

Ghana is currently reeling under an economic crisis that has been largely attributed to the ballooning debt stock, which experts say is proving to be a major stumbling block to securing a deal with the International Monetary Fund (IMF) before the end of the year.

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COP 27: President Akufo-Addo leads Ghana’s 322-member delegation to international Climate Change conference amid current economic crisis

The country’s dire financial situation has led to it seeking a $3 billion bailout. But sources close to the IMF say negotiations for the deal may take longer as the Bretton Woods institution is not keen on lending to a country with unsustainable debt levels.

Akufo-Addo Shares Photos From Brussels; Begs Global Community To Help Ghana Recover From Russia-Ukraine War

Earlier, YEN.com.gh reported that president Akufo-Addo had called on the global community to help Ghana and other African countries to recover from Covid-19 and the Russia-Ukraine war.

Delivering a keynote address at the 15th edition of the European Development Days on Tuesday, June 21, 2022, he urged the global community to increase support for developing countries.

Source: YEN.com.gh