Government has joined calls by some African countries to be given debt relief amid the coronavirus pandemic.
This gesture according to the developing countries would help them to focus on protecting the people, preserve jobs and ultimately avert consequential political and social instability.
Since the outbreak of the coronavirus pandemic across the world, many nations including developing and under developed countries have had their robust and budding economies hit by uncertainity.
Although the mortality and morbidity rate among Africa’s victims are low, countries including Ghana have had their economic targets and ratings revised to aid in the control of the spread of the virus while protecting the vulnerable in society.
Organizations such as the International Monetary Fund (IMF), have since approved a $500 million package to give six months of debt relief to developing nations struggling with the coronavirus pandemic.
The IMF’s plan which affects 19 African countries will allow vulnerable nations “to channel more of their scarce financial resources towards vital emergency medical and other relief efforts” the organization said in a statement.
While, this move has been lauded by many, some finance experts say the world’s wealthiest nations can do more.
Joining the discussion in a statement from the Ministry of Foreign Affairs and Regional Integration to mark African Union Day 2020, Government also urged for a collective and coordinated global response to assist the world’s most vulnerable countries to mitigate the harsh economic and financial effect of the pandemic.
“Covid-19 is another major test of the resolve of the AU and its Member States to advance development in the continent. While dealing with the pandemic, Africa cannot deter urgent action on plans and programmes that will advance continental trade and development.
“It is, therefore, only through our collective efforts and resilience that we can position Africa in the right place among the comity of nations.”