AFRODAD in collaboration with Grassroots Africa hosted various CSOs, representatives from the Ghana's government, development partners and national private sector on the 4th July 2019 in Accra, Ghana. The main aim of the meeting was to discuss debt management and borrowing by Ghanaian government and to allow mutual learning and knowledge exchanges among debt management stakeholders. During the meeting with Ghanaian government officials, with the ministry of Finance present, we advocated for the need to reduce borrowing from external sources and to ensure that debt management processes are transparent and accountable to avoid unsustainable debt situations. Member of Parliament (MP) for Bolgatanga Central constituency in Ghana, Mr Isaac Adongo, who is the Public accounts committee agreed with AFRODAD's recommendations. He urged the government to consider domestic borrowing instead of foreign borrowing. The MP exposed the ministry for not submitting to Parliament debt reports on time as required by law. Grassroot Africa, our partner in organising the meeting lamented of the lack of implementation of the fiscal responsibility law that was passed by Parliament stating that public debt should be kept below the established threshold of 65% of Gross Domestic Product. There is huge potential for debt management policy shifts after our engagement with the Ministry of finance officials and parliamentarians. The ministry assured MPs that debt reports for 2018 will be brought to parliament and the 65% debt rule will be adhered to in the next fiscal years. Grassroot Africa will monitor government borrowing on all debt indicators and will raise the red flag when there are breaches.
A prosperous Africa based on an equitable and sustainable development.
To contribute to Africa’s inclusive economic growth and sustainable development through influencing policy change on debt management and development finance anchored on rights based approaches.
To influence African Governments to institute and implement policies and practices for sustainable development and eradication of poverty.Read More