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.”
Ghana’s Debt Load is akin to “We are the World” moment when MichaelJackson with top musicians composed the humanitarian song of a century!
Can Ghana’s Men n Women of influence reach out to their followers to sign the Loan Petition
Show some LOVE for Gh!https://t.co/FLVPT4LQ7e
— citizen kofi amoah (@amoah_citizen) April 25, 2021
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.
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.
Some times I feel like speaking up but you know I’m a young man, married with two kids, I’ve my business, If I start to speak, this people will come out and collapse my business, if this should happen where will I get money to take care if my family. So, I will shut up.
— moses19✌? (@mozeir19) April 25, 2021
A very nice move .All Ghanaians must embraced Mr. Kofi Amoah to stop this loan here loan there government. Three Fourth of loans collected by NPP-serpant government have been chopped
— Michael Tetteh kofi (@amickywa) April 25, 2021
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.