Ghana International Trade and Finance Conference Calls for Debt Relief and Sustainable Development
The 9th Ghana International Trade and Finance Conference (GITFIC) has concluded with a resounding call for debt relief, transparency in debt management, and sustainable development in Africa and the Global South. The conference, themed “The 2nd Global Debt Initiative and the Inaugural GITFIC-AfCFTA Tertiary Students’ Congress,” brought together policymakers, academics, students, and international stakeholders to address critical issues of debt and economic development.
Keynote speakers, including Madam Ann Pettifor, UK economist and leader of the Jubilee 2000 campaign, Dr. Zerihun Gudeta Alema, Chief Economist at the African Development Bank (AfDB), and Mr. Zia Choudhury, representative of the UN Secretary-General, emphasized the need for debt relief and a reformed international financial system that prioritizes fairness, accessibility, and resilience.
According to Madam Pettifor, Ghana’s debt service obligations now surpass its expenditures on critical sectors such as health, education, and infrastructure. “Debt relief is not charity, it’s economic justice,” she said. The conference noted that Africa has redirected approximately $26 billion in interest payments to wealthier nations between 2010 and 2024.
The AfDB’s Debt Action Plan was highlighted as a key initiative to address debt challenges in Africa, focusing on sustainable management practices and strategic partnerships. Dr. Alema emphasized the need for transparency, justice, and fiscal sovereignty in debt management.
The conference also focused on the importance of youth empowerment and education in driving economic transformation. Professor Rosina Kyerematen, Dean of Student Affairs, University of Ghana, stressed that Africa’s youth, representing 70% of the Sub-Saharan population, are a vital asset for the continent’s future.
The GITFIC-AfCFTA Tertiary Students’ Congress resolved to advance AfCFTA-centric education through initiatives such as integrating AfCFTA studies into university programs and offering short courses to enhance understanding of regional trade dynamics among young Africans.
Key recommendations from the conference include:
Establishing institutional frameworks for equitable debt treatment
Enhancing transparency in debt management
Reforming the global financial architecture to prioritize fairness and resilience
Aligning debt and investment strategies with the Sustainable Development Goals (SDGs)
Empowering youth through AfCFTA education and practical training
The conference concluded with a collective call to action: “Africa and the global south must assert their rightful position in the global economy, not as an enduring debtor, but as a partner in shared prosperity.”
The GITFIC has committed to reinforcing collaboration among governments, multilateral institutions, academia, and the private sector to achieve these goals.
