• Politics

    We are the poorest people on the globe – Akufo-Addo says begging for cheaper loans

    President Nana Akufo-Addo has appealed to the International Monetary Fund (IMF) and the World Bank to help poor and vulnerable countries access cheaper loans to finance their climate action plans.

    He made this call while speaking at the COP28 climate summit in Dubai, where world leaders are meeting to discuss how to tackle the global climate crisis.

    Akufo-Addo said that historically, countries like Ghana and other African nations have been paying more for borrowing money than those who have more resources and wealth.

    He said that this situation was unfair and unsustainable, and that it could only be reversed if the IMF and the World Bank became catalysts for bridging the gap between the rich and the poor.

    “Become bridges for countries like my own and the vulnerable countries to be able to access that … Historically the monies that we have access to have been the most expensive monies in the world, we are the poorest people on the people and when we borrow money we pay more for it than those who have money. That is a situation that can only be reversed if the World Bank and the IMF become this catalyst for being able to access the large monies that are out there. I think that for us for what we have seen in Ghana, it is something extremely important. That is one of the important decisions that have been taken by the …. (inaudible)” he said.

    Akufo-Addo also highlighted the efforts that Ghana has made to implement its climate action plan, which includes increasing renewable energy, restoring degraded lands, and promoting green jobs. He said that Ghana was committed to achieving its targets under the Paris Agreement, but that it needed more support and resources from the international community.

    COP28 is the 28th annual United Nations (UN) climate meeting where governments will discuss how to limit and prepare for future climate change. The summit is being held in Dubai, in the United Arab Emirates (UAE), from 30 November until 12 December 2023.


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