Int’l financial structure skewed against developing countries; reforms needed – Akufo-Addo

Int’l financial structure skewed against developing countries; reforms needed – Akufo-Addo

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President Akufo-Addo has called for immediate reform of the world’s financial market.

According to him, the current system is a disadvantage to developing countries, as such, an equitable one that would serve all countries should be considered.

The President made this clarion call while delivering a speech at the 77th UN General Assembly.

“The tag of Africa as investment risk is little more than in substance. It is a self-fulfilling prophecy created by the prejudice of the international money markets which denies us access to cheaper borrowing, pushing us deeper into debt”, he said.

He observed that the financial market has been set up and operates on rules designed for the benefit of rich and powerful nations.

Addressing the Assembly, the President said the downgrade of economies by rating agencies is further aggravating the hardships of African countries because of difficulties in servicing debts.

President Akufo-Addo again urged the leaders across the globe to unite in tackling the numerous problems the world is battling with.

President Akufo Addo said, “We don’t have the luxury of being able to pick and choose which problem to solve.”

Highlighting problems such as insecurity, climate change, economic and energy crises, among others, President Akufo-Addo reiterated that they all require urgent attention.

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