The International Development Economics Associates (IDEAs) is due to commence an international conference on the “African Debt Crisis and the International Financial Architecture” from today Wednesday, 27th to Friday, 29th March, 2024 at the La Palm Royal Beach Hotel in Accra.
The conference is convened in partnership with the African Forum and Network on Debt and Development (AFRODAD) and the Government of Ghana.
The international conference among other things would discuss, Economic contractions, declining raw material prices, and disrupted imports exacerbate and suggest for possible solution to the crisis.
Initiatives for debt relief in Africa, is said to have delivered limited results, leaving many countries to seek IMF and World Bank interventions, yielded increased indebtedness, austerity measures, and debt defaults.
On the other hand, Geopolitical tensions is said to have further complicated debt restructuring with 24 African countries at risk of debt distress, as urgent action is needed to prevent further setbacks to development goals.
In attendance to the International Conference are experts, policymakers, members of civil society and others from across Africa and beyond.
As 2024 marks the 50th anniversary of the launch of the G77 New International Economic Order agenda (NIEO), the conference would also provide an opportunity to discuss its legacy as well as current proposals along the same lines aiming to reshuffle the international financial architecture.
On Wednesday March 27, 2024, Three Keynote addresses are expected to be delivered by Nigerian Professor Adebayo Olukoshi on ‘the African Debt Crisis – Past, Present and what the future holds’,
Professor. Jose Antonio Ocampo (former Colombian finance minister) would also speak on ‘What’s Wrong with the IMF’s Debt Sustainability Analysis and Orthodox Adjustment Strategies’; and American economist Professor Jan Kregel speaking on ‘Debt and development finance in Challenging times.
Distinguished Ghanaian Professor and IDEAs Executive Committee member, Dzodzi Tsikata would chair the Conference opening session which would featured a tone and context setting presentation from development economist and IDEAs Executive Director, Charles Abugre.
Thursday March 28, 2024 would featured discussions around sovereign debt restructuring in practice with a review of country case studies from Africa (Ethiopia, Malawi, Nigeria, Zambia) Asia (Sri Lanka) Latin America (Argentina, Ecuador, Mexico) & a Moderated, roundtable discussion among Ghana’s political actors on ‘How did Ghana come to the current crisis and how to get out of it’ that evening (4:30pm to 6pm) in a session open to interested members of the public (also live streamed online).
On Friday March 29, 2024, there would be a Panel on ‘Towards an Alternative External Debt Restructuring Template’ & Third World Network’s executive director and respected Ghanaian lawyer, Dr. Yao Graham who would also speak on a panel Addressing Trade and Capital Account Vulnerability with the conference closing that afternoon with a Roundtable with policymakers.
Among the eminent IDEAS experts attending the conference and speaking include, Jayati Ghosh, Jomo Kwame Sundaram, Dzodzi Tsikata, C.P. Chandrasekhar, Ndongo Samba Sylla, Ahilan Kadirgamar & Charles Abugre.
