A recent report by the Ghana International Trade and Finance Conference (GITFiC) has unveiled a startling figure—Africa’s 54 member states are grappling with a combined debt of $1.215 trillion. The research also highlighted key economic indicators, revealing an average inflation rate of 12.2%, a population of 1.34 billion, an unemployment rate of 7.7%, an average lending rate of 19.5%, and a growth rate of 3.8% across the continent.
Speaking to the media ahead of the 8th Ghana International Trade and Finance Conference, scheduled for Friday, September 6, 2024, Mr. Selasi Koffi Ackom, CEO of GITFiC, emphasized the conference’s focus on addressing Africa’s debt crisis. Themed “A Call for a New Global Financing Pact: Collaborative Pathways to Economic Resilience and Global Prosperity,” the event will address Africa’s growing debt and explore potential solutions.
GITFiC is advocating for a Global Debt Initiative with a position paper titled “Revisiting the Debt Burden on Developing and Least Developed Economies.” The research behind this initiative drew from comprehensive data sources, including the World Bank, IMF, Statista, OECD, and UN, to assess all 54 African countries using eight key economic indicators.
Mr. Ackom explained that the findings, with a 92.7% accuracy rate, offer a clear picture of the continent’s financial health. He noted that the report aims to inform African citizens, businesses, and global stakeholders about the economic strategies being implemented by member states, particularly their engagements with the International Monetary Fund (IMF).
“Our focus is to evaluate the economic conditions in Africa before and after COVID-19 to support the call for a Global Debt Initiative, which we believe is vital for achieving fiscal stability and long-term economic growth,” Ackom concluded.
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