This is madness, what are you celebrating? - Kwesi Pratt slams government over celebration of Eurobond deal

Veteran journalist Kwesi Pratt Jnr has criticized members of the Nana Addo Dankwa Akufo-Addo government for "rejoicing" over an agreement reached with Eurobond holders regarding the treatment of Ghana's $13 billion debt to external creditors.

Under the agreement, Eurobond holders are expected to forego approximately $4.7 billion of the debt owed to them by Ghana and provide additional cash flow relief of around $4.4 billion to support debt sustainability efforts.

"Under the Agreement in Principle, Bondholders would forego approximately $4.7 billion of their claims and provide cash flow relief of approximately $4.4 billion during the IMF program period," the agreement term sheet stated.

Supporters of the government, including President Nana Addo Dankwa Akufo-Addo and Finance Minister Dr. Mohammed Amin Adam, have hailed this as an achievement and a sign that investors have confidence in Ghana's rebounding economy.

In response, during a panel discussion on the Good Morning Ghana program on Wednesday, June 27, 2024, Kwesi Pratt Jr. expressed disbelief that government members were celebrating the agreement.

"When I watch television, listen to the radio, and read the newspapers, I'm always shocked by what our leaders celebrate. What are they celebrating?" he questioned.

The veteran journalist pointed out that the agreement actually highlights the economic challenges facing the country and indicates that Ghana is financially strained and unable to meet its debt obligations.

"You're so indebted, you can't pay your loans, you have reached a state of bankruptcy, and so on. Your creditors gather and say, 'Look, we need to recoup at least some of what we lent you and therefore, we are restructuring the debt, forgiving a small percentage, adjusting interest rates on some debts to recover something.' And our leaders, surprisingly, are celebrating this as a sign of confidence in the Ghanaian economy.

"Madness. Complete madness. You listen to the NPP's communication and they say, 'This is a sign of confidence in the Ghanaian economy.' How is this a sign of confidence in the Ghanaian economy? How? Admitting that you are financially strained and unable to meet your debts is seen as a sign of confidence in the economy."

Watch his remarks in the video below:

BAI/OGB

Meanwhile, catch up on the latest episode of People and Places on GhanaWeb TV below as Etsey Atisu brings you the story of the people of Vume, known for making pots from clay:



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