African Integrity Magazine – Earn Global Respect, Stop Begging the West for Loans

Earn Global Respect, Stop Begging the West for Loans

Mar 09, 2023 Samuel Business News 0

Nana Akuffo–Addo cautions Africa Leaders taking loans from the West

The problem with African leaders is that sometimes, many of them borrow monies and use them on infrastructure that have no economic relevance and cannot create jobs or stimulate economic activities.

In his opening remarks at the recently concluded US-African Leaders Summit in Washington DC, the Ghanaian President, Nana Akufo-Addo urged his African counter parts to stop begging for loans from the West so that the continent can earn global respect.

According to him, the poor perception held by the West about African countries will change if the continent’s leaders stop begging. He made this caution in his address to the submit where about 50 African leaders and delegation were in attendance, Akkufo Ado, admonished African leaders to spend the resources of Africa in the continent to make it prosperous and get respect.

In his words “if we stop being beggars and spend African money inside the continent, Africa will not need to ask for respect from any one, we will get the respect we deserve. If we make it prosperous as it should be, respect will follow”.

Although the admonition from the President of Ghana came at a time it was agreed upon by the International Monetary Fund (IMF) to commit the sum of $3Billion (£2.4Billion) loan to alleviate an unprecedented economic downturn in his country, it however notwithstanding draw a note of caution to the continent’s leadership to be weary of Western loans.

Many leaders of the world borrow to invest in economic activities that can create jobs and stimulate growth because no matter how much you borrow, you must invest it in something meaningful that can repay itself that is how it is meant to be”.

He stated further that: “The problem with African leaders is that sometimes, many of

them borrow monies and use them on infrastructure that have no economic relevance and cannot create jobs or stimulate economic activities”.