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Faith Leaders hopeful that Africa will bounce back from Economic Hardship

Economics African Recovery
Economics African Recovery

Faith Leaders in Africa are confident the Continent will bounce back strongly from the current economic hardship caused by the COVID-19 pandemic and the Russia-Ukraine war.

The Leaders, at the end of a three-day strategic meeting on Africa Inclusive Economic Recovery campaign in Accra, expressed optimism that the Continent would surmount the economic hardships, having endured similar ones in times past.

They said improved governance and enhanced support to Finance Ministers by Heads of States, increased domestic revenue mobilsation and judicious use of Special Drawing Rights (SDR), would speed up the Continent’s recovery.
Most Reverend Gabriel Justice Yaw Anokye, the President of Caritas Africa, at a press briefing at the end of the three-day meeting, said the Leaders were hopeful that, “Africa will succeed.”

He said that would require strategic actions and policies to protect the most vulnerable and restore prosperity against budget shortfalls and unpayable debts.

Rev Anokye said it had become urgent for the G7 to spearhead processes that would, “remove crushing burdens of unpayable debts, ” particularly through the G20 debt relief initiative.

While at that, African Heads of States, he said, must implement policies for a lasting exit from debt crises by ensuring responsible lending and borrowing rules and standards, including debt contract disclosure and authorisation frameworks.

He also said: “We join other voices in calling on rich countries to rechannel a significant portion of their stock of more than $400 billion in Special Drawing Rights to African countries.”

“Recipients, on the other hand, should commit to transparent and participatory processes to determine the destination of received SDRs. ”

He also asked African Heads of States to improve governance to enhance confidence of citizens in domestic revenue mobilisation and ensure transparency, inclusion and accountability for public and natural resources.

Mr Samuel Zan Akologo, the Campaign Manager, Africa Inclusive Economic Recovery, Caritas Africa, told the Ghana News Agency that: “For us as people of faith, we’re always people of hope, and we’re retaining that hope.”

He said: “Anybody who has been in Africa would attest that we’ve improved. We’ve seen the difficulties that Ghana has for example gone through, including the 83 hunger. The Continent has also witnessed military takeovers and dictatorial processes, but we’re making progress.”

“The African Union (AU) has reformed and made a lot of international policies that would guide regional development, so, we remain positive and believe that Africa is rising, and we’ll overcome the challenges.” Mr Akologo said.

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