Debt Campaign
AFCODD III: Experts to review utilization of Special Drawing Rights in Africa

AFCODD III: Experts to review utilization of Special Drawing Rights in Africa

DAKAR, SENEGAL. August 31, 2023.. Two years after the International Monetary Fund, IMF, announced the special release of SDR 456 billion ($650 billion) approved on August 2021 Civil Society experts will today converge on Dakar, Senegal at a side event to be organized by the Africa Network for Environment and Economic Justice (ANEEJ) at the ongoing Third Edition of the African Conference on Debt and Development (AFCODD III).

A press statement issued here in Dakar, the capital of Senegal and signed by ANEEJ’s Economic Community of West African States Network on Debt and Development (ECONDAD) Coordinator, Mr. Paul Odokara said, his organisation’s Deputy Director, Mr. Leo Atakpu will deliver the Lead Presentation at the panel session with the theme: “Debt Crisis and the Utilisation of SDRs: Understanding the Experience from Nigeria and Ghana.”

The session, according to the statement will be chaired by Shem Joshua of AFRODAD, Harare Zimbabwe while Mr. Martin Tsounkeu, General Representative of Africa Development Interchange Network (ADIN) Cameroon will be a panelist.

Other speakers at the event include: Ms. Hilda Tumuhe, an Economist with Ugadan Debt Network (UDN), Ms. Veronicah Ndegwa, IPF, Kenya and Mr. Eric Kinaga of TISA, Nairobi, Kenya. All panelists will also be speaking to the use of SDRs in their various countries as they react to the lead presentation.

The hybrid side event is billed to commence at 2:00pm local time, according to Mr.  Odokara who also assured that the event will be streamed live on ANEEJ social media handles. He encouraged participants at the ongoing AFCODD III to be seated by 1:50pm local time.

Mr Odokara said the ANEEJ side event is furtherance of implementation of activities of its SDRs/Debt projects being supported by the Open Society Initiative for West Africa (OSIWA) and the Bill and Melinda Gates Foundation.

“It will be recalled that the African continent received about 5% ($33 billion) as its own share of the total allocation and of the amount allocated to Africa, Nigeria received about $3.35 billion while Ghana was allocated about $1 billion based on its quota in the fund basket.  However, the distribution of SDRs reproduces the inequalities of the global financial architecture.” Odokara noted.

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