Finance Minister Calls for Fair Global Response as Africa’s Debt Tops $1.3 Trillion
Finance Minister, Dr. Cassiel Ato Forson, has underscored the urgent need for a fairer and more sustainable global framework to address Africa’s worsening debt crisis, which has now exceeded US$1.3 trillion.
Speaking in Accra after receiving a petition from the African Regional Organization of the International Trade Union Confederation (ITUC-Africa) in collaboration with the Trade Union Congress (TUC) of Ghana, Dr. Forson cautioned that outright rejection of debt repayment was not a feasible path for the continent.
He explained that while Africa cannot simply declare a refusal to repay its obligations, the international community must acknowledge the reality that many economies are unable to meet their debt servicing demands without sacrificing essential social and developmental spending.
“There are differences between ‘we can’t pay’ and ‘we won’t pay.’ When you say you cannot pay, it means something significant has happened to prevent you from doing so. In the case of these 23 African countries, their debt service costs have crowded out very important spending, and so, critically, they simply cannot pay,” he said.
The ITUC-Africa and TUC Ghana petition called for a total cancellation of Africa’s external debt, stressing that huge repayment burdens are crippling investment in social services, job creation, and poverty reduction.
Dr. Forson welcomed the advocacy, noting that debt restructuring and relief efforts have become increasingly urgent as African economies struggle with the lingering effects of the COVID-19 pandemic, rising inflation, and currency depreciation.
He added that Ghana’s ongoing debt restructuring serves as a clear example of why the international community must adopt a more humane and inclusive debt resolution approach.
Calls for decisive action continue to grow across Africa, with unions, civil society, and policymakers warning that without debt relief, the continent risks being trapped in a cycle of unsustainable borrowing and austerity.
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