Businessman Dr Kofi Amoah’s push to have the government of Ghana to stop its excessive borrowing seems to have found favour with the boss of the World Bank.
David Malpass who is the President of the World Bank has cautioned that the country’s future generations are at risk of excessive borrowing does not cease.
He said there is a need for the government of Ghana to re-focus on fixing the country’s rising debt stock which has ballooned over the years.
The caution from Mr Malpass comes after the Ghana government through President Nana Akufo-Addo took a loan facility worth £170 million for the establishment of a Development Bank during his trip to France.
Responding to a myriad of questions including the excessive borrowing of government on Joy News, Mr Malpass said he is worried about the impact of this on future generations.
He said: “Ghana needs to take a break from borrowing and pay attention to its debts which resulted in the country been classified as high risk of debt distress”.
The latest call by the World Bank boss is only a reiteration of calls made by Dr Kofi Amoah who for the last couple of month has been championing an agenda to have the country stop borrowing for consumption.
He currently has a loan petition up and running on social media where he is calling on well-meaning Ghanaians to sign and impress on the government to stop the excessive borrowing.
That fight by Dr Amoah dubbed “Ghana Beyond Debt’.
Dr Amoah’s message has been simple all the while. He insists that with no clear plan borrowing only cripples a country’s economy and future.
In his most recent Tweet, Dr Amoah wrote “AWAKE The cry is getting louder, the Youth of Africa, wake up from thy slumber n see the dark clouds of uncertainty Your generation will bear the burden of present mistakes, JOBLESSNESS, HEAVY IMPORTATION, BIG DEBTS! You need leaders who see you, hear you, feel you YES YOU DO!
The cry is getting louder, the Youth of Africa, wake up from thy slumber n see the dark clouds of uncertainty
Your generation will bear the burden of present mistakes, JOBLESSNESS, HEAVY IMPORTATION, BIG DEBTS!
You need leaders who see you, hear you, feel you
YES YOU DO!
— citizen kofi amoah (@amoah_citizen) May 25, 2021
Currently, Ghana’s debt stock stands at GH¢ 291 billion, translating into 76% of the total value of the country’s economy.