Kofi Amoah wants to stop government from borrowing

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Renown Ghanaian businessman Dr. Kofi Amoah has started a petition to stop the government from taking anymore loans from the International Monetary Fund and other financial institutions around the world.

His move follows similar petitions in some African countries to stop their governments from borrowing more money from the international market.

In Kenya for instance, over 150,000 enraged citizens have so far signed a petition through change.org in a bid to stop International Monetary Fund (IMF) from releasing its Sh257 billion loan to Kenya.

In Ghana, Dr. Kofi Amoah is asking Ghanaians to demand accountability from the Akufo-Addo-led government over the constant borrowing from the international market, as he begins a petition to buttress his demand.

Dr Amoah said in an interview that “the Kenyans have amassed so many signatures and here you are comparing two nations who got independence within ten years of each other and the action that a group of citizens are taking. Let’s see how Ghanaians react.”

He acknowledged that there is a certain level of fear inside Ghanaians the prevents them from being vocal and express their true feelings about issues.

“We went through the culture of silence for a long time so we have been left with some inner fear. When I spoke to my friends about my plans to start the petition, they said ‘be careful, these people they can do this to you.’”

But Dr. Kofi Amoah wondered why Ghanaians are so afraid of the powers that being, saying that so long as one can find the right language to express his true feelings about national issues, there should be no need to fear.

“If you live in a country and something is going wrong, find the language to change it. You don’t have to insult anybody. You can’t have your government keep borrowing, they have to come and explain to us,” he said.

In the 2021 budget, government reported to Ghanaians that the current public debt stock is over GHS290 billion, and that has pushed the debt to GDP rate to over 70 per cent, which is the worst in Ghana’s history.

Government put it largely to COVID-19 expenditure and also pointed out there is evidence to show for the borrowing and spending.

Meanwhile, government is in the process of introducing several new taxes, including a Covid-19 Health Levy to help close the gap and make further expenses going forward.

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