The Vatican has announced the formation of a new global commission of economic experts to tackle the worsening sovereign debt crisis affecting Ghana and numerous other nations across the Global South.
The establishment of the high-level Commission of Experts, revealed this week, is aimed at offering viable solutions to what the Pope has described as a “deepening moral and economic challenge” confronting vulnerable countries weighed down by unsustainable debt burdens.
In a statement cited by GhanaWeb Business, the Vatican said the initiative would promote international cooperation, advocate for fair restructuring processes, and encourage long-term economic justice.
The move comes amid growing concern about the debt sustainability of developing countries, many of which are struggling to recover from the triple blow of the COVID-19 pandemic, climate-related disasters, and rising global interest rates.
“The sovereign debt crisis is not just an economic issue; it is a moral test of our global solidarity,” the Vatican stated.
The newly formed commission will consist of economists, financial experts, and representatives from affected regions, who will assess both the underlying causes of the crisis and propose sustainable solutions.
Ghana, which recently secured a debt restructuring deal with official creditors under the G20’s Common Framework, has been identified as one of several nations facing severe pressure due to external debt and limited fiscal space.
The Vatican has consistently championed calls for debt relief and a fundamental reform of the international financial system, with the Pope urging the creation of a “new architecture of international finance” that upholds human dignity and promotes sustainable development.
