Ghana

This study analyzes trends in public debt and austerity in Africa, focusing on the period immediately preceding the COVID-19 pandemic (2018–19) to date (2023/2024). More specifically, it centers on countries at high risk of defaulting on their debt, those that have defaulted on their debt repayments during the pandemic and post-pandemic period, and those currently undertaking debt restructuring. The study further analyzes fiscal policy measures adopted by indebted countries, focusing on their impact on social spending and the well-being of populations in Africa. The selected countries for this study are Zambia, Ghana, Malawi, and Kenya.

With African non-central governments (NCGs) (i.e., sub-states, regions, cities, municipalities, local governments, etc.) increasingly vulnerable to climate induced impacts, there is a pressing need for local adaptation and mitigation financing that aligns with both environmental and socio-economic priorities. This need has precipitated a shift towards climate finance instruments to meet the funding deficit for local adaptation and mitigation projects at the local level. A case in point is the Tanga UWASA bond, East Africa’s first subnational water infrastructure green bond. Touted as an important step towards local revenue mobilization for green projects from the domestic debt market, this instrument raises critical questions about debt responsibility, the prioritization of bankable projects over community needs, and the risk of financialization of essential public utilities.This study explores whether the Tanga UWASA Green Bond represents true domestic capital mobilization or entrenchment of foreign financial dependence, given its recent listing on the Luxembourg Stock Exchange (LuxSE).

The Repository contains cases, documents, bibliographies and materials on International Economic Law relating to Africa and the Global South with a view to making these materials easily and freely accessible. At the moment, the repository contains cases from the Common Market for Eastern and Southern Africa, (COMESA), Court of Justice cases as well as an extensive summary of Africa's regional and sub-regional international economic regimes. Afronomicslaw.org invites our readers to contribute towards building this repository by proposing and submitting bibliographies particularly of materials of international economic law and international law that concern and relate to Africa and the Global South. The justifications for this repository include making these materials easily accessible and available especially in resource constrained environments. In addition, the repository is consistent with a major Afronomicslaw.org goals of: (i) centering and amplifying the scholarship that is excluded in the canon of international law in the most widely read publications; and (ii), producing content to overcome barriers to access such as cost of printed materials, paywalls and stringent intellectual property rights protections.

Join a Transformative Training at the Intersection of Climate Justice, Economic Sovereignty, and Global Governance. Afronomicslaw invites applications for an in-person Masterclass on climate finance and economic justice training taking place in Accra, Ghana. This high level, interdisciplinary program will bring changemakers from across Africa together to unpack the urgent challenges of climate finance, debt, and economic justice facing the continent.

This report sheds new light on a critically overlooked dimension of Africa’s sovereign debt landscape—the transaction costs incurred through the use of intermediaries in debt restructuring processes. This report breaks new ground by exploring the charges, expenses, and costs arising from third-party intermediaries' participation and the broader implications these costs pose for debt sustainability across the continent.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

Join a Transformative Training at the Intersection of Climate Justice, Economic Sovereignty, and Global Governance. Afronomicslaw invites applications for an in-person Masterclass on climate finance and economic justice training taking place in Accra, Ghana.

The essay also emphasizes the importance of leveraging regional initiatives. These initiatives provide a complementary layer to global frameworks by fostering context-specific solutions, enhancing coordination among member states, and facilitating the exchange of best practices. For instance, regional bodies could play an essential role in mediating disputes between creditors and debtors and advocating for equitable treatment of African nations in multilateral debt restructuring forums. The Convention would cure this by institutionalizing capacity-building programs through regional debt advisory centers equips nations with the tools to circumnavigate complex debt negotiations.

Ghana’s debt situation underscores the critical need for comprehensive domestic legal and policy measures to enhance debt sustainability, strengthen public financial management, and ensure inclusive growth. The new Mahama administration must prioritize systemic reforms that align fiscal policies with long-term economic stability and development goals. More importantly, it must push for the expediting of the debt restructuring efforts under the G20 Common Framework. Over and above, Ghana’s experience, together with those of Zambia and Ethiopia, continue to expose the inadequacies of the Common Framework, demonstrating the need for a new comprehensive, fair, and effective sovereign debt restructuring system based in the United Nations, and that is binding on all creditors, including commercial creditors.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.