The International Development Economics Associates (IDEAs) https://www.networkideas.org is organizing an international conference on the “African Debt Crisis and the International Financial Architecture” from 8.30am – 6.00pm each day from Wednesday, 27th to Friday, 29th March, 2024 at the La Palm Royal Beach Hotel, Accra.
The conference is convened in partnership with the African Forum and Network on Debt and Development (AFRODAD) and the Government of Ghana.
BACKGROUND OVERVIEW
On the back of the COVID-19 pandemic, African countries face another debt crisis, a situation mirroring the 1970s.
Economic contractions, declining raw material prices, and disrupted imports exacerbate this crisis. Initiatives for debt relief have delivered limited results, leaving many countries needing help.
The IMF and World Bank interventions have yielded increased indebtedness, austerity measures, and debt defaults.
Geopolitical tensions further complicate debt restructuring.
With 24 African countries at risk of debt distress, urgent action is needed to prevent further setbacks to development goals.
Reforms in debt restructuring mechanisms and global financial systems are imperative for sustainable solutions.
IDEAs has convened this international conference to discuss these pressing issues.
In attendance are experts, policymakers, members of civil society and others from across Africa and beyond. As 2024 marks the 50th anniversary of the launch of the G77 New International Economic Order agenda (NIEO), this gathering will also provide an opportunity to discuss its legacy as well as current proposals along the same lines aiming to reshuffle the international financial architecture.
THEMES, TOPICS, AND SPEAKERS AT THE CONFERENCE, BY DAY Wednesday, March 27, 2024- Three Keynote addresses delivered by Nigerian Professor Adebayo Olukoshi on ‘The African Debt Crisis – Past, Present and What The Future Holds’, Professor. Jose Antonio Ocampo (Former Colombian Finance Minister) on ‘What’s Wrong with the IMF’s Debt Sustainability Analysis and Orthodox Adjustment Strategies’; and American economist Professor Jan Kregel on ‘Debt and development finance in Challenging times.
Distinguished Ghanaian professor and IDEAs Executive Committee member, Dzodzi Tsikata will chair the Conference opening session which will also feature a tone and context setting presentation from development economist and IDEAs Executive Director, Charles Abugre.
Thursday, March 28, 2024 will feature discussions around sovereign debt restructuring in practice with a review of country case studies from Africa (Ethiopia, Malawi, Nigeria, Zambia) Asia (Sri Lanka) Latin America (Argentina, Ecuador, Mexico) & a Moderated, roundtable discussion among Ghana’s political actors on ‘How did Ghana come to the current crisis and how to get out of it’ that evening (4:30pm to 6pm) in a session open to interested members of the public (also live streamed online).
Friday, March 29, 2024, will have a Panel on ‘Towards an Alternative External Debt Restructuring Template’ & Third World Network’s executive director and respected Ghanaian lawyer, Dr. Yao Graham will also speak on a panel Addressing Trade and Capital Account Vulnerability with the conference closing that afternoon with a Roundtable with policymakers.
Some of the eminent ideas experts attending the conference and speaking are Jayati Ghosh, Jomo Kwame Sundaram, Dzodzi Tsikata, C.P. Chandrasekhar, Ndongo Samba Sylla, Ahilan Kadirgamar & Charles Abugre.
