Jakarta –
The Ghanaian government has officially filed for bankruptcy. As a result, President Nana Akufo-Addo admitted that he had no other choice but to approve a loan of US$ 3 billion or Rp. 46.50 trillion (exchange rate Rp. 15,500) from the International Monetary Fund or IMF.
However, last May, Nana himself said that the US$ 3 billion IMF bailout might not immediately solve his country’s economic problems. But the question now is, why did Ghana experience bankruptcy?
According to Business Insider, Friday (29/9/2023), this West African country was declared bankrupt after failing to pay billions of dollars in debt to foreign creditors since December 2022.
For example, Emmanuel Cherry, the chief executive of an association of Ghanaian construction companies, recently revealed that the government still owes contractors 15 billion cedis or around US$ 1.3 billion (Rp. 20.15 trillion) excluding interest.
Apart from that, the Ghanaian government still owes an independent electricity company US$ 1.58 billion or Rp. 24.49 trillion. This condition puts the country in danger of widespread power outages.
Apart from that, the large amount of unpaid national debt has forced many contractors in Ghana to lay off their workers, which has worsened the unemployment problem in the country.
“The (Ghanaian) government is essentially bankrupt. This is the 17th time Ghana has been forced to request (IMF) funds since the country gained independence in 1957. This latest crisis was caused in part by the coronavirus pandemic, Russia’s invasion of Ukraine, and food and higher fuel consumption,” wrote Business Insider.
For this reason, the IMF itself is reported to have created a comprehensive rescue plan to address Ghana’s debt, limit spending, increase income and protect the most vulnerable population while negotiating with foreign creditors.
(fdl/fdl)
2023-09-29 06:47:35
#Ghana #Bankrupt #culprit
