As global economic crises ‘pile up’, Ghanaian leader says it’s time for urgent attention – UN News

by | Sep 21, 2022 | Financial

President Akufo-Addo’s address to the Assembly’s 77th annual high-level debate centered largely on the issue of global economic challenges and the need of performative solutions for the African economies.The global economic crisis
Recalling that COVID-19 had pushed Africa into the worst recession for half a century, he said: “The World Bank observed, last Thursday, that the global economy was enduring its steepest slowdown since 1970. Two years ago, our world came to a thundering halt, as we cowered from a health pandemic from an unknown, malicious virus, coupled with a devastating global economic pandemic. High budget deficits were no longer a concern of only developing nations.”
Referring to Russia’s invasion of Ukraine, that aggravated an already difficult situation, he added, “Every bullet, every bomb, every shell that hits a target in Ukraine, hits our pockets and our economies in Africa.”  
Several African countries had inflation rates surging three to four times higher than what they were just two years ago. Ghana was experiencing the highest inflation for 21 years, he stated.
President Akufo-Addo highlighted that the international financial architecture was skewed significantly against developing and emerging economies like Ghana. He noted that “the tag of Africa as an investment risk is little more than, in substance, a self-fulfilling prophecy created by the prejudice of the inte …

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