By: Franklin ASARE-DONKOH
Former President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has for the first time opened up on some activities and decisions that were taken during his tenure as president.
According to him, the debt restructuring agreement entered into was the darkest episode of his presidency.
He further described Ghana’s debt restructuring under the G20 Common Framework as one of the most painful chapters of his presidency.
Speaking at the African Union (AU) – European Union (EU) High-Level Seminar in Brussels on Thursday, October 2, 2025, on the eve of the AU-EU Summit, Nana Addo said the programme offered short-term economic relief but came at a heavy social and human cost.
“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.
The former president recalled that while the restructuring delivered economic gains, it came at a painful price, particularly for vulnerable groups.
“The most painful part was the impact on ordinary people. Pensioners, young people, and small investors saw their lives and livelihoods shattered,” he said.
Turning to the continent’s broader debt challenges, Mr. Akufo-Addo noted that Africa’s $1 trillion debt burden reflects systemic inequities in global finance. More than 30 African nations now spend more on interest payments than on public health, he added.
“Every dollar diverted to creditors is a dollar taken from a hospital, from a child’s vaccination, from a community’s future. This is not economics, it is inequity,” he stated.
The former President renewed his call for bold reforms, including immediate debt service suspension, comprehensive restructuring, and new concessional financing.
Nana Akufo-Addo emphasised that debt relief must be regarded as justice, not charity. “Debt relief for Africa is not an act of generosity. It is an act of justice,” he reiterated.
He also proposed a new framework linking debt cancellation to climate action, which he termed Debt Relief for Green Investment and Resilience.
Ghana entered the Framework in 2023, restructuring $13 billion in Eurobonds and securing commitments that provided $10.5 billion in external debt service relief through 2026. The exercise reduced the country’s debt-to-GDP ratio from the mid-80s to 70.5 percent, boosted investor confidence, and supported an IMF programme.
