AfriPulse
On October 3, 2025, 6:00 AM
Former President Nana Addo Dankwa Akufo-Addo has opened up about the emotional toll of Ghana’s debt restructuring journey, calling it one of the most difficult moments of his presidency.
Speaking at the AU-EU High-Level Seminar in Brussels on 2 October 2025, he described the process under the G20 Common Framework as a necessary but deeply painful chapter.
“I witnessed the suffocating grip of debt on our economy and on our citizens. This deeply troubled me and still does,” he told African and European leaders gathered ahead of the AU-EU Summit.
Ghana adopted the Common Framework in 2023, navigating delays and tough negotiations. By 2024, the country had restructured $13 billion in Eurobonds, unlocking $10.5 billion in external debt service relief through 2026. The debt-to-GDP ratio dropped to 70.5%, helping restore investor confidence and support an IMF programme.
But behind the numbers, the former President said, were real human costs. Pensioners, young investors, and small savers bore the brunt of the restructuring, with many losing their life savings.
He called it a “dark cloud moment” that still weighs heavily on him.
Beyond Ghana’s experience, Nana Akufo-Addo argued that Africa’s $1 trillion debt burden reflects a broken global financial system.
He urged world leaders to see debt relief not as charity but as justice, proposing a new framework that links debt cancellation to climate resilience and green investment.
He also called for immediate debt service suspension and reforms to make the system fairer. While acknowledging Africa’s own responsibilities, he warned that without global change, even the best efforts could be undone.
Source: TheGhanaReport | Read the Full Story…
