GITFiC introduces five pillars for a new financial pact to global economic resilience

The Ghana International Trade and Finance Conference (GITFiC), on its call for Global Debt Initiative, has introduced five comprehensive approaches for a new financial pact to global economic resilience.It said: 'A holistic approach to global economic resilience necessitates a multifaceted strategy anchored in inclusive governance, sustainable financing, risk-sharing mechanisms, capacity building, and unwavering transparency.'Mr. Selasi Koffi Ackom, the Chief Executive Officer of GITFiC, made this known in a press briefing at Tema on the organization's conference scheduled to take place on Friday, September 6, 2024 in Accra.The conference is on the theme: 'A Call for a New Global Financing Pact: Collaborative Pathways to Economic Resilience and Global Prosperity.'It is part of other national and international events in 2024, and it was aimed at pushing for concrete results through discussions at the conference.Mr. Ackom said the 21st century complex challenges such as pandemics, climate change, and technological disruptions demanded a coordinated response, adding that; 'A fragmented approach risks exacerbating inequalities, fostering economic volatility, and hindering sustainable development.'He said a global financing pact would not only facilitate the mobilization of resources to address immediate crises but also promote long-term structural reforms and investments in areas such as infrastructure, education, and innovation.'By aligning national interests with global priorities and principles, a global financing pact can help create an enabling environment for sustainable growth, reduce vulnerabilities, and build a more inclusive and resilient global economy,' he stated.The Chief Executive said in the ever-evolving landscape of global economics, there emerged an imperative need for a restructured framework that addresses the multifaceted challenges faced by nations across the spectrum.He said the GITFiC's call for Global Debt Initiative at the upcoming conference represented a pivotal moment in the discourse surrounding international finance and economic stability.'Such a gathering holds the potential to catalyze transformative changes, foster collaborative solutions, and chart a course towards sustainable global economic resilience,' he stated.He said the conference holds the promise of forging a path towards enhanced collaboration, debt sustainability, and equitable economic growth.'By fostering dialogue, promoting transparency, and prioritizing inclusive participation, participants aim to chart a course that addresses the pressing challenges of debt burdens while fostering conditions conducive to shared prosperity and resilience in an interconnected global landscape,' he noted.Mr Ackom said the anticipated outcome of the conference was to enhance multilateral cooperation, framework for debt restructuring and relief, promoting transparency and accountability, inclusive participation and stakeholder engagement, capacity building and technical assistance.'A call for a Global Debt Initiativ e through a New Global Financing Pact offers a transformative vision for reshaping the contours of the global economy, fostering collaboration, and advancing shared prosperity,' he observed.Source: Ghana News Agency