Friday, June 21, 2024

Ghanaians sign petition to stop government from borrowing

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Staff Writer
Staff Writer
Africa Feeds Staff writers are group of African journalists focused on reporting news about the continent and the rest of the world.

Ghanaians have been signing an online petition that seeks to stop their government from taking loans from European Fund managers.

The petition which was started by a renowned economist and businessman, Dr. Kofi Amoah said “Ghana is presently overburdened with loans.”

According to the petition, “the total revenues plus grants to government can only service loan principal and interest payments, leaving nothing for investment to improve the welfare of citizens.”

“Additionally the costing of projects to which the loans are applied are exaggerated, creating room for corruption. The YOUTH needs jobs, importation and borrowing should be reduced!”

Those behind the petition said “Ghana had previously been declared HIPC, Heavily Indebted Poor Country, and over USD 4billion of Debt was forgiven to give the country a clean slate.

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Now we have borrowed over 40 billion dollars. Due to the large YOUTH unemployment, with little domestic production, the country is import-dependent.”

The petition ended stating “With high unemployment, the tax base has shrunk, rendering Govt incapable of generating enough tax revenue to service its domestic civil service salaries and loan and interest payments to local and foreign lenders.”

The petition has received over 2,000 signatures as Ghanaians speak out on social media.

Earlier this month, Kenyans also signed an online petition to ask the International Monetary Fund (IMF) not to give the government any more loans.

Through the hashtag #StopLoaningKenya, Kenyans circulated the online petition link which cites corruption and other reasons why no more lending should occur.

The development followed the IMF’s approval of 257bn Kenyan shillings ($2.4bn) loan for Kenya to aid in Covid-19 response.


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