Stop Begging West For Loans, Ghana President Tells African Leaders

Ghana’s President, Nana Akufo-Addo has urged his African counterparts to stop begging for loans from the West so that the continent can earn global respect. 

The Ghanaian president made this known during his opening remarks at the ongoing US-African Leaders Summit in Washington DC on Tuesday. About 50 African leaders and delegates are attending. 

Akufo-Addo said the African countries will change the poor perceptions that the developed countries have about the continent if they stop begging. 

He advocated that the resources in Africa should be spent on the continent to make it prosperous and get respect. 

Akufo-Addo said: “If we stop being beggars and spend African money inside the continent, Africa will not need to ask for respect from anyone, we will get the respect we deserve. If we make it prosperous as it should be, respect will follow.” 

Akufo-Addo’s admonition came on the day that the International Monetary Fund (IMF) agreed to give Ghana a $3bn (£2.4bn) loan to alleviate an unprecedented economic downturn in his country. 

Ghana’s external debt reached USD 28.1 bn in Jun 2022 with the International Monetary Fund (IMF) forecasting Ghana’s debt to Gross Domestic Product (GDP) ratio of 84.6 per cent in 2022.

Already burdened by high debt, Ghana faces historic inflation of more than 50%, a 21 year high and a fall in the value of its currency – the cedi – economic difficulties worsened since the Russian invasion of Ukraine.

-DailyTrust