President John Dramani Mahama is urging a new public debt management strategy to free African countries from what has become debt crisis on the continent.He said debt must not lead to crisis but serve as a worthy fuel to accelerate development of a continent with a debt service obligation of over US$90 billion last year alone.Addressing the opening session of the African Union Debt Summit in Lome, Togo, yesterday, President Mahama said Africa must adopt a three-prone approach if the continent was to unlock debt as a tool for development.The strategies are transparency and accountability, productive, efficient and responsible borrowing and regional solidarity and global financial reforms.The conference, on the theme: 'Africa's Public Debt Management Agenda: Restoring and Safeguarding Debt Sustainability,' was attended by delegates and financial sector players from AU member countries and multinational institutions."Debt should serve the people and this means strengthening parliamentary oversight, enhancing audit, and promoting open-budget systems," he said, describing it as an unfortunate the IMF report which found that less than 40 per cent of countries in Africa publish detained debt report."The second is productive, efficient and responsible borrowing.
Borrowing must be tied to high impact projects that deliver tangible returns to our people.
In Ghana, we are prioritising value added agriculture, renewable energy, road and digital infrastructure, health and education.
These sectors yield multiplier effects in jobs, exports and innovation," he explained.In the view of President Mahama, he indicated that, "Africa must speak with one voice to push for a fairer global financial rules.
