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Ghana is presently overburdened with loans. 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!
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
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 PONZI SCHEME OF BORROWING TODAY TO PAY FOR YESTER-YEARS ACCUMULATED DEBT MUST STOP NOW FOR AN ALREADY HIPC COUNTRY