2023 Paris Peace Forum: Current global financial architecture not fit for purpose; must be reformed — Akufo-Addo
Ghana President Nana Addo Dankwa Akufo-Addo on Friday, November 10, participated in the 2023 edition of the Paris Peace Forum, being held in Paris, France.
Speaking at the forum, the President raised concern about the current form of the global financial architecture, insisting that it is not fit for purpose and needs to be reformed.
“As we strive for a more peaceful world, in which every citizen should have the opportunity to develop fully their potential and contribute to global stability and prosperity, I see five minimum conditions for success.
“Firstly, we should, as a matter of urgency, reform the global financial architecture because the current system is not fit for purpose when it comes to addressing inequalities,” President Akufo-Addo said.
He indicated that inequalities have implications far beyond economic development, arguing that unequal access to resources, opportunities, and social provision is damaging to societies, undermines social cohesion, breeds resentment, incites hostilities and violence, and threatens peace and security.
President Akufo-Addo added that unequal access to opportunities and technology is holding hundreds of millions of people from achieving their potential and realizing their aspirations.
The President of Ghana stressed that there’s the need to foster economic equity and promote inclusive economic growth by investing in education, healthcare, and social safety nets to ensure that everyone, everywhere, has an equal opportunity to prosper.
He said global security and climate action should be encouraged as the basis for sustained economic development.
“Conflicts perpetuate inequalities, and their prevention should be a global priority. Simultaneously, we must take meaningful steps to combat climate change and support climate adaptation, while transitioning to sustainable, green economies; and we should reform the institutions of global governance, particularly the UN Security Council, which is responsible for the maintenance of international peace and security, and correct the longstanding injustice that the current structure and composition of the Council represent, especially for the nations of Africa,” President Akufo-Addo argued.
He concluded, “We cannot continue to preach democracy and fairness around the world, we cannot insist on peace and justice around the world, when our global security organisation is not seen by the majority of its members as having a structure that is effective, fair and just.”