BoG Governor leads Africa’s call for urgent debt restructuring at World Bank/IMF meeting
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 […]
