Speaking at the Summit on Financing African Economies, in Paris on May 17, President of Ghana Nana Akufo-Addo declared that the Bretton Woods Conference, which took place as World War II drew to a close, created a global financial architecture which, over the last 77 years, has proven to be unfavorable for Africa.
“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.
“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,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.”
