The Vatican has established a new global commission of economic experts to address the escalating sovereign debt crisis impacting Ghana and several other countries across the Global South.

Announced this week, the high-level Commission of Experts is tasked with proposing solutions to what Pope Francis has described as a “deepening moral and economic challenge” affecting vulnerable nations burdened by unsustainable debt.

According to a statement from the Vatican, as sighted by GhanaWeb Business, the initiative aims to promote international cooperation, fair restructuring mechanisms, and long-term economic justice.

The decision comes amid mounting concerns over the debt sustainability of developing countries, many of which are struggling to recover from the combined effects 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 new commission will bring together economists, financial experts, and representatives from affected regions to examine both the root causes and potential paths forward.

Ghana, which recently reached a debt restructuring agreement with official creditors under the G20’s Common Framework, has been cited as one of several nations grappling with the pressures of external debt and limited fiscal space.

The Vatican has long advocated for debt forgiveness and reform of the international financial system, with Pope Francis calling for a “new architecture of international finance” that prioritizes human dignity and sustainable development.

SP/EB

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