Former Presidential Candidate of the Convention People’s Party Michael Abu Sakara Foster has touted Ghana as a potential for debt forgiveness.

Arguing debt forgiveness as the surest way out of Ghana’s current economic challenges, the politician said it would be a shame to the teachers of democracy and free market if the country is denied it.

“Having accepted our complicity in our current economic crisis by poor judgements on amount and use of debts procured, I can now argue unequivocally for debt forgiveness for Ghana. Ghana's surest way to economic recovery is to be forgiven substantial portions of its debt profile. Of course, it would have much greater impact if our debts were wiped off all together, but perhaps wishes can't be horses.

“Given Ghana's role as a poster boy for democracy and free market lead economy, it would be a crying shame for the teachers if their star pupil failed the test. Some might even say it would an indictment on the "teachers" themselves if Ghana failed. Democracy needs its champion in Africa to succeed on the economic front as well. Is that not the mantra that the multi-lateral organizations and the Western Alliance have sang all these years?

“That democracy delivers economic dividends?” he questioned in a Facebook post sighted by GhanaWeb.

Citing the support given to Ukraine by the Western World due to the country’s war with Russia, Mr Sakara said a debt forgiveness for Ghana would be a mere fraction of the monies extended to Ukraine.

He further noted that debt forgiveness will go a long way to advance democracy on the African continent.

“The money that could be "spent" or lost in debt forgiveness, is a fraction of the expense on the war in Ukraine. The dividends on holding the front for advance of democracy in Africa will surely have far reaching repercussions in averting real and imminent risks posed by extreme economic distress of ailing nations.

“Debt forgiveness of Ghana will have one of the highest beneficial impacts and will be a tonic for a fast economic recovery. Ultimately such a demonstration of economic recovery will be good for Ghana and Africa. Indeed, it will lighten the load for the global economic recovery process by securing the weakest economies from potential irreversible damage. The Western Alliance will do well to place greater priority on putting Ghana the star pupil back in its driving seat. That will not only be a boost for Ghana, it will also be good for Africa,” he added.

Ghana suffered serious economic challenges which have caused the country to default on its external and local debts.

The country is currently seeking to salvage its economy through $3 billion International Monetary Fund loan facility.



GA/FNOQ