Global DebtInitiative
The economic downturn which was occasioned by the COVID-19 pandemic has brought to fore the discussion of rising debt levels faced by Developing and Least-Developed Countries. These debtor countries have fragile economic pillars and have had to rely on huge borrowing to finance needs of critical sectors. The consequence is that some countries face high risk premia and have gone into default and struggling to fulfil debt service obligations.
Evidence has shown that the weight of debt burden is hampering the economic growth of debtor countries, particularly the Developing and LDCs. The various debt treatment strategies such as the Highly-Indebted Poor Countries Initiative (HIPC) and the G20 Common Framework implemented by multilateral institutions such as the IMF and World Bank, have offered some fiscal respite in the form of improving short-term and long-term financial liquidity.
However, there is an urgent need for a renewed global initiative to holistically address the debt challenges of developing countries and LDCs through the consented efforts of multilateral agencies, private creditors, non-Paris Club countries, and multi-national financial bodies. This is a position that the Ghana International Trade and Finance Conference (GITFiC) believes would improve the economic conditions of debtor countries.
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