Former President of Ghana, Nana Addo Dankwa Akufo-Addo, has described the nation’s experience under the G20 Common Framework for debt restructuring as one of the most difficult periods of his presidency
Speaking at the AU-EU High-Level Seminar in Brussels on October 2, Akufo-Addo recounted the significant economic and emotional toll the debt restructuring process took on both the Ghanaian economy and its people. According to a report by MyJoyOnline, the former president expressed deep concern over the financial hardship that gripped many households during the period.
“I witnessed the suffocating grip of debt on our economy and on our citizens. This deeply troubled me and still does,” Akufo-Addo said, emphasizing the lasting effects of the programme despite the temporary relief it provided.
Ghana entered the G20 Common Framework during a time of mounting economic pressures. The process, though ultimately successful in achieving key financial milestones—such as the restructuring of $13 billion in Eurobonds in 2023 and securing $10.5 billion in external debt service relief through 2026—was fraught with challenges.
Describing the process as “sequential, not simultaneous,” Akufo-Addo noted that it extended periods of uncertainty, weakened investor confidence, and imposed significant domestic costs. “It inflicted a heavy cost at home that was a dark cloud moment for me as President,” he remarked.
He also used the platform to call for stronger, more equitable reforms in Africa’s debt management systems. Stressing that these measures should be viewed through the lens of justice rather than charity, the former president urged international stakeholders to support fairer mechanisms for debt relief and repayment.
Akufo-Addo’s reflections come amid ongoing conversations across the continent about sustainable debt solutions and economic resilience in the face of global financial pressures.
Source
From Opera News
