January 20, (THEWILL) – International aid and campaign groups, including Oxfam and Christian Aid, have called on the international community to cancel a large portion of Ghana’s debts.
This call comes as the country struggles to deal with the worst economic crisis in its history, just a few months before it is set to host the African Games in Accra. Ghana’s consumer inflation rose to a record 54% year-on-year last month, driven by rising fuel, utility, and food costs.
The country’s international reserves have dwindled to less than two months of import cover. In an open letter, the groups, which all have operations in Ghana, said, “Wealthy private lenders must share in the costs of a crisis they helped to create and cancel the debt.”
Ghana’s Government has asked to restructure its bilateral debt under the G20 common framework platform, after announcing it would default on most of its external debt at the end of last year.