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Finance Minister Dr. Cassiel Ato Forson has stressed the need for a more equitable international response to Africa’s escalating debt burden, which has now surpassed US\$1.3 trillion.
Speaking in Accra after receiving a petition from the African Regional Organization of the International Trade Union Confederation (ITUC-Africa) and the Trade Union Congress (TUC) of Ghana, Dr. Forson said while the debt situation is severe, rejecting repayment outright is not a viable option.
According to him, African countries require a fair and sustainable framework that reflects the realities of their distressed economies. He noted that the call by ITUC-Africa and TUC Ghana for a total cancellation of Africa’s external debt highlights how heavy repayments continue to undermine social investment, job creation, and poverty reduction efforts.
“There are differences between ‘we can’t pay’ and ‘we won’t pay,’” Dr. Forson explained. “When you say you cannot pay, it means something significant has happened to make repayment impossible. For 23 African countries, debt servicing costs have crowded out critical spending, and sustainability analyses show they simply cannot pay.”
He emphasized that Ghana’s own restructuring of both external and domestic debts demonstrates the urgency for a more inclusive and humane global debt resolution mechanism. Forson pointed out that renewed international attention on debt relief, fueled by the economic aftershocks of COVID-19, high inflation, and currency depreciation, presents an opportunity for Africa to secure a fairer deal.
The demand for debt relief has been gaining momentum across the continent, with unions, civil society groups, and policymakers warning that without decisive global action, Africa risks being locked into a vicious cycle of unsustainable borrowing and austerity.
