'Commit to debt for climate swap initiatives' - Akufo-Addo to rich countries

Ghana’s president, Nana Addo Dankwa Akufo-Addo, has made a proposal to countries it owes debts to consider a swap of those monies for climate interventions.

According to him, if those rich countries can consider climate interventions instead of the debts they owe, it would be greatly appreciated.

He made this known when he addressed the world at the 2022 United Nations Climate Change Conference, COP27 in Egypt, reports myjoyonline.com.

“I urge those who hold African debt to commit to debt for climate swap initiatives,” he said.

President Nana Akufo-Addo also took the opportunity to highlight some of Ghana’s current economic challenges, stating that the country’s debt situation is proving to be a major stumbling block to getting an IMF deal in time.

He is also reported to have added his voice to calls that have been made by finance ministers on the continent for a restructuring of the global financial architecture.

“Radical restructuring of the global financial architecture as proposed by the African finance ministers to accommodate the demands of the developing world is of urgent necessity.

“It is evident that with these poly crisis that it is not fit for purpose,” he added.

President Nana Addo Dankwa Akufo-Addo however expressed disappointment in the fact that the rich world has failed to honor a pledge to release $100 billion to help developing countries so that it can deal with the impact of climate change, the report added.

While Ghana is seeking a $3 billion bailout from the International Monetary Fund (IMF), the Fund has indicated that only countries with sustainable debt levels would be considered.