Audio By Carbonatix
Former President Nana Akufo-Addo has described Ghana’s debt restructuring under the G20 Common Framework as “one of the darkest and most painful episodes” of his presidency.
Speaking at the AU-EU High-Level Seminar in Brussels on Thursday, October 2, 2025, on the eve of the AU-EU Summit, the former President admitted that while the process offered temporary economic relief, it came at a devastating human and social cost.
“I witnessed the suffocating grip of debt on our economy and on our citizens. This deeply troubled me and still does,” he told African and European leaders.
Ghana adopted the Common Framework in 2023, restructuring $13 billion in Eurobonds and securing commitments that delivered $10.5 billion in external debt service relief through 2026.
The country’s debt-to-GDP ratio fell from the mid-80s to 70.5 per cent, restoring investor confidence and anchoring an IMF-supported programme.
But behind the macroeconomic gains lay immense pain. The former President said the drawn-out, sequential process prolonged uncertainty, eroded trust, and left scars on citizens.
“The most painful part was the impact on ordinary people. Pensioners, young people, and small investors saw their lives and livelihoods shattered,” he said.
Turning to Africa’s broader debt crisis, he insisted that the continent’s $1 trillion debt burden reflects a global financial system “not built to free us, but to bind us.”
More than 30 African countries, he noted, now spend more on interest payments than on public health.
“Every dollar diverted to creditors is a dollar taken from a hospital, from a child’s vaccination, from a community’s future. This is not economics, it is inequity.”
Akufo-Addo renewed his call for bold reforms, urging immediate debt service suspension, comprehensive restructuring, and new concessional financing.
He stressed that debt relief should not be mistaken for charity. “Debt relief for Africa is not an act of generosity. It is an act of justice,” he declared.
He also proposed linking debt cancellation to climate resilience through a “Debt Relief for Green Investment and Resilience” framework.
Citing Africa’s vulnerability to climate shocks despite contributing less than 4% of global emissions, he reminded world leaders that reparations for climate damages run into the trillions.
“To our European partners, I say this: hear the voice of your neighbouring continent. Stand with the AU and South Africa’s G20 Presidency to advance ambitious reform of the Common Framework,” he pleaded.
While acknowledging Africa’s duty to strengthen institutions, diversify economies, and leverage the African Continental Free Trade Area (AfCFTA), Akufo-Addo warned that without global reforms, even the most courageous local changes would be undermined by “predatory lending and punitive trade terms.”
“The sacrifices we make today, the compromises, the collaborations we engage in today can only inure to the benefit of our world. When Africa rises free from the weight of debt, the whole world rises with it,” he concluded.
Latest Stories
-
Why has BoG been buying gold at spot prices through its Aggregator, currently the GoldBod?
8 minutes -
Takoradi bus driver’s assistant dies after being crushed while fixing fault
11 minutes -
Mahama condemns attacks on teachers, demands justice in Kade SHS assault case
12 minutes -
Why was the ASM G4R programme introduced and what is its object?
19 minutes -
Has the Ghana Gold Board (GoldBod) made losses?
20 minutes -
What to expect from Ghana’s music industry in 2026
21 minutes -
Is it true that the GoldBod is transferring its trading losses onto the books of the BoG?
26 minutes -
Kasoa Market incident: Gov’t condemns assault on reporter, promises punitive action
29 minutes -
Eyewitness blames faulty electricity meter for Kasoa New Market fire
35 minutes -
What is Bawa-Rock?
39 minutes -
David Oscar celebrates hometown pride with ‘Good Evening Koforidua’
43 minutes -
Agbodza warns overloading could undermine Ghana’s road investments
48 minutes -
Kasoa new market fire likely caused by electrical fault – Fire Service
52 minutes -
Saints Feast brings joy and hope to Obuasi West
52 minutes -
Roads Minister announces campaign to tackle overloading to safeguard Ghana’s roads
1 hour
