Governments of the Climate Vulnerable Forum (CVF), representing 1.74 billion people and US$3.8trillion in GDP, met on the UN General Assembly’s sidelines to amplify their call for climate prosperity and debt sustainability. Merely surviving the global polycrisis is not enough, because the main goal is to thrive.
The CVF/V20’s formation as an independent organisation by a treaty of 68 vulnerable countries and 1.7 billion people indicates that its founders expect it to become the most powerful global climate advocacy group with time.
Seen as a significant affirmation of the country’s commitment to mitigate effects of climate change, the announcement was made by President Akufo-Addo on the birthday of Ghana’s first President, Dr. Kwame Nkrumah. The issues of fair transition, debt restructuring, carbon financing, stranded assets, energy and net-zero targets, among others, will be championed from Accra as the organisation tasked with addressing climate matters will be headquartered in Ghana, with the country becoming the centre of focus for advocacy on climate issues worldwide.
“It’s time we got all hands-on-deck as we work toward making debt work for climate-vulnerable developing economies. It is time to reform the Common Framework to enable all debt-distressed climate vulnerable developing economies to obtain debt relief in a predictable, efficient and timely manner, so that CVF/V20 member-countries can leverage new financing,” said President and CVF Chair Nana Akufo-Addo.
On the economy, President Akufo-Addo said the country is moving in the right direction, reiterating the need to continue fighting inflation and fast-track measures aimed at restoring economic stability.
Meanwhile, an International Monetary Fund mission will be in Accra this week, with President Akufo-Addo hopeful for a successful 1st review under the US$3billion IMF-supported programme.
There are expectations of a Paris Club memorandum of understanding by mid- October and Eurobond negotiations by year-end.
“It is a tough global environment, but we will pilot our ship through this odyssey safely to restore economic freedom for all,” he assured.