IDEAs to hold conference on African Debt Crisis in Accra

The International Development Economics Associates (IDEAs) is set to hold an international conference from Wednesday, 27th to Friday, 29th March, 2024 at the La Palm Royal Beach Hotel, Accra.

The conference is being convened in partnership with the African Forum and Network on Debt and Development (AFRODAD) and the Government of Ghana.

As 2024 marks the 50th anniversary of the launch of the G77 New International Economic Order Agenda (NIEO), this gathering will also provide an opportunity to discuss its legacy, as well as current proposals along the same lines, aiming to reshuffle the international financial architecture.

Three Keynote addresses will be delivered by Nigerian Professor Adebayo Olukoshi on ‘the African Debt Crisis – Past, Present and what the future holds’.

Also, Jose Antonio Ocampo (former Colombian finance minister) will deliver a paper on ‘What’s Wrong with the IMF’s Debt Sustainability Analysis and Orthodox Adjustment Strategies’; and American Economist, Professor Jan Kregel on ‘Debt and development finance in Challenging times.’

Ghanaian professor and IDEAs Executive Committee member, Dzodzi Tsikata, will chair the Conference opening session, which will also feature a tone and context setting presentation from Development Economists and IDEAs Executive Director, Charles Abugre.

There will also be  discussions around sovereign debt restructuring in practice with a review of country case studies from Africa (Ethiopia, Malawi, Nigeria, Zambia), Asia (Sri Lanka), Latin America (Argentina, Ecuador, Mexico) and a moderated roundtable discussion among Ghana’s political actors on: ‘How did Ghana come to the current crisis and how to get out of it’ .

Background 

On the back of the COVID-19 pandemic, African countries face another debt crisis, a situation mirroring the 1970s. Economic contractions, declining raw material prices and disrupted imports exacerbate this crisis.

Initiatives for debt relief have delivered limited results, leaving many countries needing help. The IMF and World Bank interventions have yielded increased indebtedness, austerity measures and debt defaults.

Geo-political tensions further complicate debt restructuring. With 24 African countries at risk of debt distress, urgent action is needed to prevent further setbacks to development goals.

Reforms in debt restructuring mechanisms and global financial systems are imperative for sustainable solutions.

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