Hundreds of workers on Friday poured onto the streets of Accra, Ghana鈥檚 capital, calling for the cancellation of Africa鈥檚 ballooning debt.
Ghana, Africa鈥檚 leading gold producer and the world鈥檚 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 per cent.
The protest, led by Ghana鈥檚 Trades Union Congress (TUC) and backed by the International Trade Union Confederation鈥揂frica (ITUC-Africa), called for a radical overhaul of the global debt system, which unions say is suffocating Africa鈥檚 economic prospects.
The west African country鈥檚 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.
鈥楾hese debts, running into billions, have become a major obstacle to development across the continent,鈥� said Horde Ayigbe, head of research at ITUC-Africa, referring to Africa鈥檚 broader debt crisis.
Africa鈥檚 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鈥檚 general secretary Joel Akhator Odigie and submitted to Ghana鈥檚 government, called for the 鈥榯otal and unconditional cancellation of Africa鈥檚 unsustainable external debts as an act of reparative justice鈥�.
鈥楳ore than half of African countries are already in or at high risk of debt distress, leaving governments unable to finance essential services,鈥� the petition said, adding that any freed-up resources should go towards job creation, wages, social protection, climate resilience and structural transformations.
鈥楾his is not just a financial challenge; it is a human development and democratic crisis,鈥� it added.
Receiving the petition on behalf of president John Mahama, Finance Minister Cassiel Ato Forson echoed their concerns.
鈥楾here is a difference between not being able to pay and not being willing to pay,鈥� Forson said.
In 23 African countries, debt servicing is outpacing money spent on health and education.
鈥業n the case of these 23 African countries, their debt service cost has crowded out very important spending鈥� they simply cannot pay,鈥� Forson added.
