Ato Forson Demands Fair Global Response to Africa’s $1.3 Trillion Debt Crisis

Finance Minister Dr. Cassiel Ato Forson has renewed calls for a fairer international framework to address Africa’s spiraling debt burden, which has now exceeded US$1.3 trillion.

Speaking in Accra after receiving a petition from the African Regional Organization of the International Trade Union Confederation (ITUC-Africa) and the Trade Union Congress (TUC) of Ghana, Dr. Forson acknowledged the urgency of the crisis but cautioned that wholesale rejection of debt repayment was not a feasible solution.

“Africa cannot simply declare a refusal to pay its obligations. What is needed is a fairer and more sustainable arrangement that reflects the realities of heavily distressed economies, including Ghana,” he said.

The petition presented by ITUC-Africa and TUC Ghana urged a complete cancellation of Africa’s external debt, stressing that mounting repayments were draining resources meant for social investment, job creation, and poverty reduction.

Dr. Forson welcomed the advocacy efforts, noting that global discussions on debt relief and restructuring have intensified amid the aftershocks of the COVID-19 pandemic, high inflation, and widespread currency depreciation.

He pointed to Ghana’s ongoing debt restructuring programme as proof of the need for a more humane and inclusive mechanism that does not sacrifice development for austerity.

Across Africa, unions, civil society groups, and policymakers have amplified calls for urgent debt relief, warning that without decisive action, the continent risks being trapped in a cycle of unsustainable borrowing and economic stagnation.