Speaker of Parliament Alban Bagbin has called for reforms to Africa’s governance and economic systems, arguing that indiscipline and governance failures must be addressed if the continent is to break its cycle of mounting debt.
He says African countries must look beyond repeated borrowing to meet existing obligations and reconsider the decisions and systems that leave their economies financially vulnerable.
Speaking at the 10th GITFiC Annual Conference on the 3rd Global Debt Initiative, Mr Bagbin questioned how long African countries could continue borrowing to settle past obligations.
“How long can Africa continue to borrow from the future to pay for the past?” he asked.
The Speaker argued that the continent’s debt crisis should not be assessed solely in terms of the amounts owed, countries’ ability to repay or the debt relief creditors are prepared to offer.
He acknowledged the effects of historical injustices, including slavery and colonial exploitation, but said African countries must also confront governance shortcomings and reconsider their development choices.
“If you behave well, if you are disciplined, my brothers and sisters in the IMF will not come at you. But that is not true. It’s when there is indiscipline and we don’t get things right. Then they are there to come and discipline us,” he said.
Mr Bagbin also cautioned against repeating past mistakes in debt relief, citing Ghana’s experience under the Heavily Indebted Poor Countries (HIPC) initiative.
He called for stronger domestic financial governance alongside a coordinated international framework to address the continent’s debt challenges.
“We need a coordinated global framework. But before that, we need it domestically,” he said.
The Speaker stressed that African countries must also present a united front in negotiations on debt and broader financial reforms.
His remarks place the emphasis on both domestic accountability and international cooperation in efforts to address Africa’s debt burden.