The Governor of the Bank of Ghana, Dr Johnson Asiama, speaking on behalf of African Governors, stressed that urgent international intervention is needed to prevent a full-blown economic crisis across the continent.
Debt servicingDr Asiama revealed that nearly half of Sub-Saharan African countries are either at high risk of debt distress or already trapped in it.He noted with concern that many nations are now spending more on debt repayments than on essential services such as health and education.
This alarming trend, he said, has been worsened by a combination of global shocks, including the lingering effects of the COVID-19 pandemic, geopolitical tensions, climate disasters, and tightening financial conditions.“Africa’s per capita spending on interest payments now exceeds investments in health and education,” Dr Asiama said.He added: “This is unsustainable and demands immediate action from the international community.”Four-pronged solutionThe African Governors outlined a series of measures to tackle the crisis.
First, they called for stronger IMF support, including maintaining concessional financing through the Poverty Reduction and Growth Trust (PRGT) and replenishing the Catastrophe Containment and Relief Trust (CCRT).They also urged the IMF to align debt solutions with SDG priorities and provide tailored technical assistance to help countries implement growth-friendly reforms.Second, they pressed for an overhaul of the IMF’s debt sustainability framework to better reflect the unique challenges facing developing nations, particularly climate-related risks and new debt instruments.Governor Asiama emphasised the need for improved early warning systems to detect debt distress before it escalates.
Third, the Governors demanded faster and more effective debt restructuring processes. While acknowledging the efforts of the Global Sovereign Debt Roundtable (GSDR) and the G20 Common Framework, Asiama stressed that progress has been too slow. He called for greater transparency, stronger private creditor participation, and fairer burden-sharing among multilateral and bilateral lenders.Finally, the African leaders urged enhanced coordination among international financial institutions, including the IMF, World Bank, and regional bodies.They proposed innovative financing mechanisms such as debt-for-climate swaps and blended finance to simultaneously address debt burdens and climate vulnerabilities.
Global solidarityGovernor Asiama praised IMF Managing Director Kristalina Georgieva for her leadership but insisted that more must be done.“African nations are doing their part by strengthening fiscal management, but we cannot solve this crisis alone,” he said. “The world must act now, before it’s too late.”The speech highlighted growing frustration among African policymakers over the slow pace of global debt relief efforts. With the 2030 deadline for the SDGs fast approaching, the call for decisive action has taken on renewed urgency.
About the author
Farmers commend COCOBOD over decision to announce new prices in August
Farmers in Sehwi Aboagyekrom in the Western North Region have lauded the Ghana Cocoa Board (COCOBOD) following the announcement that a new cocoa producer price will be declared in August 2025. The anticipated price is expected to surpass that of neighbouring Ivory Coast, a move the farmers believe will enhance their livelihoods and address key challenges facing the cocoa industry. The Chief Executive Officer of COCOBOD, Dr. Ransford Abbey, made the announcement during a three-day working tour of the Western North and Western South Regions. Addressing a gathering of cocoa farmers at Aboagyekrom in the Sehwi Wiawso Municipality, Dr. Abbey explained that the planned price increment is part of the government’s effort to support cocoa farmers and reduce the temptation to smuggle produce across borders, where prices are currently more favourable. He emphasized that the decision aligns with a broader […]
34-year-old taxi driver arrested for allegedly killing his 23-year-old girlfriend
The Ashanti Regional Police Command has arrested a 34-year-old taxi driver over the alleged murder of his long-time girlfriend at Abuakwa in the Ashanti Region. Robert Kwabena Boamah was arrested at his hideout in Namong, Offinso Municipality, on Wednesday, April 23, 2025, three days after he went into hiding. He is alleged to have picked up the deceased, 23-year-old Dorothy Owusu Annor, also known as Maa Abena, on April 21 in his taxi cab from her family’s house at Abuakwa. The police say that shortly after the two left the deceased’s family house to bake bread, they received a distress call about the discovery of a body of an unidentified female adult. According to DSP Godwin Ahianyo, head of the Public Affairs Unit of the Ashanti Regional Police Command, police proceeded to the scene, near Mighty Jesus Educational Complex at […]
Four arrested as NACOC intercepts cargo with suspected cocaine at Swiss Port
Officials of the Narcotics Control Commission (NACOC) on Wednesday, April 23, 2025, intercepted a cargo being packaged for shipping at the Swiss Port. It contained concealed substances suspected to be cocaine and destined for the Netherlands. In a statement, NACOC noted that a total of 73 slabs, weighing 89.74 kg, were intercepted. Four suspects have been arrested and are currently in custody at NACOC while investigations are underway.
Health Minister Donates Medical Equipment to Tamale Teaching Hospital, Urges End to Strike
Health Minister donates medical equipment to Tamale Teaching Hospital, pledges commitment to reforms The Minister for Health Kwabena Miintah Akandoh has reiterated government’s commitment to address long-standing challenges in the health sector, describing the health system as one that requires urgent reform and collective responsibility. He made these remarks during a donation of some essential medical equipment and supplies to the Tamale Teaching Hospital on behalf of the Ministry of Health. The donation included a wide range of equipment such as ECG machines, ICU ventilators, cardiac monitors, anesthesia machines, infant incubators, and essentialConsumables amounting to about 35 items. Among the items highlighted wereEmergency Health Equipment (EHE) sets, nebulizer sets, and medical-grade towels. The Health Minister acknowledged the difficult working conditions health professionals continue to endure and emphasized that government efforts alone would not be enough to resolve systemic issues. He […]
Agency Running Meals on Wheels Is Threatened by Trump Cuts
Every Monday, Maurine Gentis, a retired teacher, waits for a delivery from Meals on Wheels South Texas. “The meals help stretch my budget,” Ms. Gentis, 77, said. Living alone and in a wheelchair, she appreciates having someone look in on her regularly. The same group, a nonprofit, delivers books from the library and dry food for her cat. But Ms. Gentis is anxious about what lies ahead. The small government agency responsible for overseeing programs like Meals on Wheels is being dismantled as part of the Trump administration’s overhaul of the U.S. Department of Health and Human Services. Roughly half its staff has been let go in recent layoffs and all of its 10 regional offices are closed, according to several employees who lost their jobs. “I’m just kind of worried that the whole thing might go down the drain, too,” Ms. […]
Atlantic Lithium appeals to government to help save Ghana’s first lithium mine
The company, which has invested approximately $70 million since 2016, is developing what would be Ghana’s first lithium mine. The project, located near Mankessim in the Central Region, was expected to place Ghana among the world’s top 10 spodumene concentrate producers. However, sharp declines in lithium prices—down more than 80 per cent from their November 2022 peak—have thrown its future into uncertainty. “We have done the maths and it doesn’t make sense at all,” Atlantic Lithium's General Manager, Ahmed-Salim Adam, told Reuters. “We have written to the Minister of Lands and Natural Resources for urgent help on the fiscals. If not, the project cannot proceed.” Ghana, already Africa’s leading gold producer, had hoped to benefit from the growing global demand for electric vehicles (EVs) by establishing the Ewoyaa mine as a strategic source of lithium, a key component in EV batteries. […]
Related
Femi Kuti Slams Grammy’s Tony Allen Co-Creator Claim: ‘Fela Alone Created Afrobeat’
Femi Kuti Challenges Grammy’s Narrative on Afrobeat’s Origins Afrobeat royalty Femi Kuti , son of the legendary Fela Kuti , has publicly refuted claims that late drummer Tony Allen co-created the iconic Afrobeat genre. The controversy resurfaced after the Recording Academy (The Grammys) credited Allen as a co-founder of Afrobeat, acknowledging his influential work with Fela during the 1960s and ’70s. While Allen, who passed away in 2020 at the age of 79, is celebrated for his powerful drumming with Fela’s Africa ’70 band , Femi insists that his father was the sole visionary behind the genre. In a now-viral video, Femi passionately defended Fela’s legacy, asserting that every element of Afrobeat — including its signature drum patterns — originated from Fela himself. Femi’s Defense of Fela’s Legacy In the video, Femi emphasized that Fela was the mastermind behind Afrobeat, […]
Kano Government Prioritizes JAMB Candidates, Suspends April Sanitation
The Kano State Government has announced the temporary suspension of its monthly environmental sanitation exercise for April. This decision aims to facilitate the smooth conduct of the ongoing Joint Admissions and Matriculation Board (JAMB) examinations across the state. The announcement was made by the Commissioner for Environment and Climate Change, Dr. Dahiru Hashim, through a statement issued by Ismail Gwammaja, the Director of Public Enlightenment at the ministry. Why the Suspension Was Necessary According to the statement, the suspension followed consultations with key stakeholders to avoid any disruptions that could hinder candidates participating in the nationwide exams. “The suspension is aimed at preventing any potential disruptions to the examination process and ensuring that candidates can sit for their exams without any hindrance,” the statement read. The monthly sanitation exercise, which typically restricts movement on the last Saturday of each month, […]
Eugène Koffi Adoboli, ancien Premier ministre du Togo, est décédé mercredi en Suisse à l’âge de 90 ans.
Ce haut fonctionnaire, qui a occupé la tête du gouvernement togolais de 1999 à 2000, vivait à Genève depuis plus de deux décennies. Avant sa nomination au poste de Premier ministre, Adoboli a fait carrière au sein des Nations Unies, notamment à la CNUCED (Conférence des Nations Unies sur le Commerce et le Développement), et fut également membre du Rassemblement du Peuple Togolais (RPT). Une fin de carrière marquée par la controverseSon passage à la primature a été éclipsé par une affaire de détournement de fonds liée à la construction du complexe immobilier Cité OUA à Lomé. Accusé d’avoir participé au détournement de 1,22 million d’euros, il s’est réfugié en Suisse en 2002, niant les faits sans jamais se présenter devant les tribunaux togolais. En son absence, la justice togolaise l’a condamné à verser 760 000 euros de dommages à […]
Davido, Asake, Ayra Starr, Tems, and Burna Boy Battle Rema for Headies ‘Artist of the Year’ Crown
The Ultimate Showdown at the 17th Headies Awards The 17th Headies Awards, set to take place on April 27, 2025 , is shaping up to be one of the most competitive editions yet. Among the most anticipated categories is Artist of the Year , a prestigious award that honors the artist or group with the most impact and outstanding achievements in Nigeria’s booming music industry over the past year. This year, six heavyweights are vying for the coveted title: Davido, Ayra Starr, Asake, Rema, Tems, and Burna Boy . With each nominee bringing their unique strengths and accomplishments to the table, the race promises to be a thrilling battle royale. Rema: The Reigning Champion Rema , the reigning Artist of the Year from the 2023 Headies Awards, is back to defend his crown. His second studio album, HEIS , released […]
Nigeria U-20 Triumphs Over Egypt in Friendly Match Ahead of AFCON Youth Tournament
The Nigeria U-20 team showcased its talent with a 2-1 victory over Egypt in a friendly match on Tuesday. Both teams are preparing for the Africa U-20 Cup of Nations, set to kick off later this month in Egypt. How Nigeria Secured the Win Nigeria took an early lead, demonstrating strong attacking play. Egypt fought back in the 68th minute when Ahmed Khaled, nicknamed Kabaka, scored with a powerful strike. This equalized the score at 1-1. However, Nigeria regained control late in the game. In the 84th minute, they were awarded a penalty. The team converted it successfully, sealing their 2-1 victory. Egypt’s Coach Reflects on the Match Egypt’s head coach, Osama Nabih, praised Nigeria’s performance. He said, “We faced a strong and organized team.” Nabih added that his players gained valuable experience from the match. He highlighted improvements in […]
NPP threatens protest over suspension of Chief Justice
The New Patriotic Party (NPP) has strongly criticized President John Mahama’s suspension of Chief Justice Gertrude Torkornoo. In an interview on Adom FM’s Dwaso Nsem, the National Organiser, Henry Nana Boakye, popularly known as Nana B, announced that the party would embark on a series of protests to register their displeasure. “We will agitate, we will demonstrate, and let the whole world know that President Mahama is not the man we know. He is not protecting our democracy, and the judiciary is under attack,” he stated. He emphasized that the suspension is not just a personal affront to Chief Justice Torkornoo but an attack on Ghana’s democracy and the judiciary. On Tuesday, April 22, President Mahama suspended the Chief Justice following consultation with the Council of State and the establishment of a committee to investigate three petitions seeking her removal. In a statement issued […]
Be the first to leave a comment