A recent post by a well-known blogger, KalyJay, on the social media platform X (formerly known as Twitter), has sparked discussions among Ghanaians.
Reported by Ghanaweb, the post talks about concerns that the International Monetary Fund (IMF) might take control of Ghana’s mineral and electricity revenues if the country defaults on its loan payments.
According to the report, Ghana borrowed $619 million from the IMF between 2007 and 2018, and these loans were backed by the country’s cocoa, bauxite, oil, and electricity revenues as collateral.
In simple terms, collateral means that if Ghana fails to pay back the loan, the IMF would have the right to take control of the assets or revenue streams like income from cocoa or electricity that were used to guarantee the loan.
This was confirmed by the IMF, as quoted by MyJoyOnline, who explained that if Ghana fails to meet its payment obligations, the IMF could use these assets to recover the debt.
The report also mentioned that statutory funds (government-controlled funds) would not be allowed to pledge future revenues as collateral for loans. This means that Ghana would not be able to use certain funds or income streams to back new loans in the future, as per the rules set by the authorities.
Many Ghanaians reacted strongly to the post, expressing their opinions in the comments section. Some were worried that if the government doesn’t manage the situation properly, the country’s assets could be lost, or even that the country could be “sold off.”
Here are a few reactions from Ghanaians:
– TheRichmondGroup commented, “We are completely finished… if possible, they should just pay us individually so we can leave Ghana.”
– HelloAgenda added, “This evening is for Black Stars, we’ll talk about this tomorrow.”
– @kwabenaMara simply wrote, “Hmm, a country called Ghana.”
– @ebedon expressed optimism, saying, “We can’t be finished as a people or a country. Speak positively and don’t sound like a pessimist.”
– @slypopo16 prayed, “May God bless Ofori Atta, wherever he is.”
– @Collinsmorg pointed out, “Kelvin Taylor said this weeks ago.”
These reactions show a mix of fear, frustration, and hope as Ghanaians discuss the potential implications of the IMF loans.
Your comments are warmly welcomed
