UN General Assembly
2022

Moreover, the spillover from central banks raising interest rates to combat inflation has been severe beyond borders, as global investors pull money out of developing economies to invest in bonds in the developed world. This has led to depreciating currencies and increased borrowing costs, meaning that we need to raise and spend more of our own currencies to service our foreign debts in United States dollars. It has become clear, if ever there was any doubt, that the international financial structure is skewed significantly against developing and emerging economies such as Ghana’s. The avenues that are opened to powerful nations to enable them to take measures that would ease pressures on their economies are closed to small nations. To make matters worse, credit-rating agencies have been quick to downgrade economies in Africa, making it harder to service our debts. The tag of Africa as an investment risk is little more than, in substance, 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.