Cwesi Oteng opens petition to have Ghana’s external debt of GHC120 billion cancelled

Contemporary Ghanaian Gospel musician who has been in the news lately for describing as “STUPID” an unsubstantiated allegation by George Quaye, Head of Communication at Charterhouse, organizers of the Vodafone Ghana Music Awards that most Ghanaian Gospel musicians pay bribe, Cwesi Oteng has opened a petition for Herculean task.

The musician who openly declared his support for the ruling party in Ghana and it’s leader Nana Addo Dankwah Akufo-Ado believes Ghana can only be great if its external debts which is estimated at GHC120 Billion is cancelled.

A check by Ghana’s Hub For Pop Culture & Urban Entertainment News – www.nydjlive.com as of the the time of this publication indicated that the I Win hit maker had opened a petition on Change.org and had since been signed by ninety-three (93) people.

Should the petition receive a certain number of signatories, it would be delivered to the World Bank Group, Dr. Jim Yong Kim (President of the World Bank Group) and Christine Lagarde (Managing Director of the International Monetary Fund).

According to Cwesi Oteng, “debts can be cancelled no matter how big. It’s usually an act of God…”. He also believes the call is a purely “citizenry act”.

Below is details of the petition and how you can sign.

“Ghana is stuck in debt and is using a chunk of her resource to pay interest on loans.

Currently, Ghana’s total debt stands at over Gh¢120billion. Ghana borrowed over Gh¢110.5billion during the last seven years and uses over Gh¢10.00billion to service debt monthly which is more than money set aside for recurrent expenditure.

A country that has 72% GDP-to-debt ratio cannot develop at a pace necessary to bring about job creation the nation needs. We believe Ghana current debt is unsustainable and as such applying local or traditional debt relief mechanism would be a herculean task. It is important to note that most of this debt stock was accrued over the last eight years making it an albatross on the neck of the new government.

The cancellation of Ghana’s external debt will allow the new government implement her wonderful people-oriented policies.”

The big question that remains is, “Would the debt ever be cancelled?

To sign the petition, simply click on this link: Cancel Ghana’s External Debt