{"id":50049,"date":"2023-07-27T07:27:02","date_gmt":"2023-07-27T07:27:02","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/doha-debates-is-it-time-to-cancel-africas-debts"},"modified":"2023-07-27T08:06:19","modified_gmt":"2023-07-27T08:06:19","slug":"doha-debates-is-it-time-to-cancel-africas-debts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/doha-debates-is-it-time-to-cancel-africas-debts","title":{"rendered":"Doha Debates: Is it time to cancel Africa\u2019s debts?"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>\u201cIs it time to cancel the debts of low-income countries in the global south? It\u2019s estimated that three out of five low-income countries are struggling to pay their debts. <\/b><\/p>\n

In Africa, 21 countries are either bankrupt or in financial distress, and are on the hook to repay more than $70 billion in 2023 alone. Freeing up this money could help these countries get back on their feet and invest more at home\u2014but it\u2019s not without its drawbacks.<\/p>\n

Heidi Chow, executive director of the UK-based nonprofit Debt Justice, says debt relief is needed. She argues that debt payments shouldn\u2019t come before essential human needs, and that rather than tightening the screws on indebted countries, we should address the predatory lending practices that have pushed many global south countries to the brink of collapse.<\/p>\n

Bright Simons, policy analyst at the Ghana-based Imani Center for Policy and Education, contends that blanket debt cancellation doesn\u2019t benefit anybody, saying that some countries have successfully paid back their debts while others have spent recklessly. And, he argues, domestic lenders and private investors shouldn\u2019t have to pay the price for governments\u2019 poor financial decisions.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. \u201cIs it time to cancel the debts of low-income countries in the global south? It\u2019s estimated that three out of five low-income countries are struggling to pay their debts. In Africa, 21 countries are either bankrupt or in financial distress, and are on the hook to repay more than $70 billion in […]<\/p>\n","protected":false},"author":84,"featured_media":50048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-50049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nDoha Debates: Is it time to cancel Africa\u2019s debts? - Ghana<\/title>\n<meta name=\"description\" content=\"\u201cIs it time to cancel the debts of low-income countries in the global south? 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