The 5th president of the 4th Republic of Ghana has spoken for all African countries during the Summit on African countries which took place in Paris, France. The President, Nana Addo Dankwah Akufo-Addo speaking at the Summit called for the restructuring of the Global Financial Architecture so that it will respond to the needs of Africa. He also stressed that debts owed by African countries should be cancelled due to the COVID-19 virus.
According to Akufo-Addo, the Bretton Woods Conference that took place prior to the World War 2 created a global financial architecture and that has not been favourable to Africa. He further noted that economies of Asia, Europe and America have grown from that time whilst Africa has not seen such on the continent.
“These challenges have resulted in a global economic system that has proven to be incapable of supporting lives and livelihoods, and allocating sufficient long-term resources to support Africa’s economic transformation,” President Akufo-Addo noticed.
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