The 9th Ghana International Trade and Finance Conference (GITFIC) has concluded with a resounding call to action for Africa and the global south to assert their rightful position in the global economy.
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 tackle critical issues of debt, economic justice, and sustainable development in Africa and the Global South.
Key Highlights:
– Ghana’s debt service obligations now surpass its expenditures on critical sectors like health, education, and infrastructure.
– Africa has redirected $26 billion in interest payments to wealthier nations between 2010-2024, highlighting the need for debt relief as an issue of economic justice rather than charity.
– The African Development Bank (AfDB) is pursuing liquidity solutions and financial stability frameworks tailored for African economies, emphasizing the need for a comprehensive overhaul of the current African financial system.
Resolutions:
– Implement AfCFTA curriculum at senior high school level and as a standalone short course in tertiary institutions to empower youth as transformative agents.
– Advocate for a restructured financial architecture reflecting Africa’s realities and aspirations, prioritizing fairness, accessibility, and resilience .
– Reinforce collaboration among governments, academia, and private sector for debt transparency and governance reforms.
The conference emphasized the ethical dimensions of economic reform, advocating for financial systems grounded in justice, inclusivity, and compassion. Delegates committed to mainstreaming AfCFTA curricula, institutionalizing debt transparency, and advocating for a more equitable global financial system.
The 9th GITFIC concluded with a collective call to action: Africa and the global south must assert their position in the global economy as partners in shared prosperity, not as enduring debtors.
Story by: Ernest Frimpong (+233247220948)
