President Akufo-Addo, has demanded that the global banking system be immediately reformated.He contends that while emerging nations suffer under the current system, an equitable alternative that would benefit all nations should be taken into consideration.During his Wednesday speech to the 77th UN General Assembly, the President issued this urgent demand."The labeling of Africa as an investment risk is minimal in fact.

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It is a self-fulfilling prophecy made possible by the bias of the global financial markets, which prevents us from accessing more affordable financing, increasing our debt.He pointed out that "the financial market has been set up and functions under rules created for the benefit of rich and powerful nations.

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"Recalling incidents during the Covid-19 crisis, President Akufo-Addo said many powerful countries “disappeared” despite the partnerships the said countries had established in Africa.“These are the savage lessons that we’ve had to take in as the world emerged from the grip of the coronavirus, to energy and food price hikes and a world rise in a cost of living.

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“The necessity for reform of the system is compelling,” he stressed.Ghana’s creditworthiness has recently suffered a downgrade by top ratings agencies including S&P and Fitch. This has affected investor confidence amid an ailing economy currently at the International Monetary Fund’s doors for a bailout.

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Addressing the Assembly, the President said the downgrade of economies by rating agencies is further aggravating the hardships of African countries because of difficulties in servicing debts.

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