GITFiC opens 9th annual meeting with strong calls on African debtor countries to build collective bargaining power

An Economist-UK, Ms. Ann Pettifor, is urging African debtor countries to build collective bargaining power, proposing a formal Borrowers’ Club, calling on Ghana to lead this bloc, describing the country’s debt management reforms as “transparent, professional and exemplary.”

She praised Ghana’s debt restructuring efforts, citing the 37% nominal reduction in Eurobond debt, US$2 billion in bilateral relief, and progress on domestic debt exchange.

She made these statements at the opening of the Ghana International Trade and Finance Conference’s (GITFiC) 9th Annual Meeting on the 2nd Global Debt Initiative and the inaugural GITFiC–AfCFTA Tertiary Students Conference.

The two-day event, held from November 27–28 that brought together global economists, African development experts, student leaders and policymakers was on the theme: “Spurring GITFiC’s Global Debt Initiative: Consolidating Member States’ Gains for Synergistic Impacts and Widening the Scope of Sensitization on the African Continental Free Trade Area.”

The theme which aligns with GITFiC’s six-year development agenda is aimed at promoting sustainable trade, accountable finance, and coordinated continental economic strategy.

Ms. Ann Pettifor issued a stark warning about the direction of global capital, describing it as “money flowing uphill” from poor nations to the rich, an inversion of what international financial systems were designed to achieve.

She revealed that Africa transferred about US$26 billion in interest payments to richer nations between 2010 and 2023, and is expected to send US$20 billion in 2025 alone.

The Chief Country Economist at African Development Bank (AFDB), Dr. Zerihun Gudeta Alemu, highlighted the continent’s mounting development finance needs amid rising debt vulnerabilities.

“Debt is not the enemy. The issue is how it is structured, governed, and used,” he stressed, calling for reforms anchored on innovation, transparency and sustainability.

He cited ongoing AfDB interventions including, strengthening debt management offices through the Public Finance Management Academy (PFMA), expanding risk mitigation instruments, including guarantees that have mobilized over US$400 million for countries like Rwanda and Togo.

Representing the UN Secretary-General, the UN Resident Coordinator to Ghana, Mr. Zia Choudhury, commended GITFiC for creating space for global dialogue on debt justice, especially among young Africans.

He noted that two-thirds of low-income countries are already in or near debt distress, affecting 3.4 billion people worldwide, with Ghana among countries spending more on interest payments than on key social sectors.

Mr. Zia reaffirmed the UN’s commitment to support African debt and trade reforms through policy guidance and technical support, and strengthening national debt management systems.