Protesters in Ghana demand cancellation of mounting Africa debt

Accra, Aug 29, 2025 (AFP)
Hundreds of workers on Friday poured onto the streets of Accra, Ghana's capital, calling for the cancellation of Africa's ballooning debt.
Ghana, Africa's leading gold producer and the world's second-largest cocoa exporter, is only now starting to recover from one of its worst economic crises in decades, which included a 2022 debt default and inflation that at one point exceeded 50 percent.
The protest, led by Ghana's Trades Union Congress (TUC) and backed by the International Trade Union Confederation-Africa ( ITUC -Africa), called for a radical overhaul of the global debt system, which unions say is suffocating Africa's economic prospects.
The west African country's external debt stood in March at $28.5 billion, or more than a quarter of its economic output.
In Accra, protesters wearing red and black tops danced to loud music blaring from speakers, chanting patriotic songs as they marched through the capital.
"These debts, running into billions, have become a major obstacle to development across the continent," said Horde Ayigbe, head of research at ITUC -Africa, referring to Africa's broader debt crisis.
Africa's external debt has now surpassed $1.3 trillion, with Ghana among more than 20 countries restructuring its obligations.
In Ghana, the crisis led former president Nana Akufo-Addo to request a $3 billion loan from the International Monetary Fund (IMF).
A petition signed by ITUC -Africa's general secretary Joel Akhator Odigie and submitted to Ghana's government, called for the "total and unconditional cancellation of Africa's unsustainable external debts as an act of reparative justice".
"More than half of African countries are already in or at high risk of debt distress, leaving governments unable to finance essential services," the petition said, adding that any freed-up resources should go towards job creation, wages, social protection, climate resilience and structural transformations.
"This is not just a financial challenge; it is a human development and democratic crisis," it added.
Receiving the petition on behalf of President John Mahama, Finance Minister Cassiel Ato Forson echoed their concerns.
"There is a difference between not being able to pay and not being willing to pay," Forson said.
In 23 African countries, debt servicing is outpacing money spent on health and education.
"In the case of these 23 African countries, their debt service cost has crowded out very important spending... they simply cannot pay," Forson added.

Sumber : AFP