Ghana pushes reparative justice as tool for debt swap

The Office of the Presidential Special Envoy for Reparations has proposed a new model of reparative justice that will see portions of Africa's bilateral debt converted into investments in education, health and industrial capacity.

The proposal was contained in a speech delivered on behalf of H.E. Amb. Dr. Ekwow Spio-Garbrah at the 10th GITFiC Annual Meeting on the 3rd Global Debt Initiative and the 2nd AfCFTA Tertiary Students' Congress in Accra on Wednesday, October 14, 2026.

The address, titled "FROM REMEMBRANCE TO REMEDY: Reparative Justice as an Instrument for Debt Swap" was delivered in the presence of Speaker of Parliament, Rt. Hon. Alban Bagbin, UN Resident Coordinator in Ghana, H.E. Zia Choudhury, and CEO of GITFiC, Mr. Selasi Koffi Ackom.

Amb. Spio-Garbrah argued that reparations should move from moral appeal to economic justice, noting that in 2024 developing countries paid $921 billion in net interest on public debt, with 3.4 billion people living in countries that spend more on interest than on health or education.

"This is neither charity nor debt forgiveness. Debt forgiven is a concession; debt converted for reparative purposes is an acknowledgement. We cannot restore the years that were stolen, but we can honour their memory by building a stronger Africa — by transforming historical wounds into economic renewal, debt burdens into development dividends, and recognition into reparative action."

He said Africa's current debt burden is not disconnected from history, as the continent was deprived of its most productive people through slavery and entered independence with fragile foundations.

Citing Ghana's recent recovery, Dr. Spio-Garbrah noted that in July 2026 the IMF completed the final review of Ghana's $3 billion Extended Credit Facility and upgraded Ghana's risk of debt distress to moderate — two years earlier than anticipated. But he stressed that stability is the floor, not the ceiling, and innovative ways to widen fiscal space are needed.

He added that if nature and climate can be priced into debt instruments, as seen in Ecuador, Gabon and Cote d'Ivoire swaps, so too can historical justice.