Contracting Loans To Cushion The Economy Is Not Sustainable

Rocky Dawuni

Ghanaian reggae sensation, Rocky Dawuni has expressed worry over Ghanaian leaders’ penchant for borrowing to offer ‘short-lived’ economic comfort.While speaking to Blakk Rasta, the multiple Grammy nominee stressed that the Ghanaian economic model of contracting loans is not sustainable.

“The whole thing of going to take a loan and then everybody feels comfortable for a short period of time, because the economy is running and business is going on and then you keep owing, is not a sustainable model” he mentioned.

Since gaining independence in 1957, Ghana has sought loan assistance and bailouts from the International Monetary Fund (IMF) to enable the country to meet its payments to the rest of the world and restore the health of government finances on seventeen (17) occasions, averaging once in every four years.

The IMF Executive Board in May 2023 approved US$3 Billion Extended Credit Facility Arrangement for Ghana amidst several controversies and strong opposition from several stakeholders.

Rocky Dawuni explained that the best way forward for Ghana out of her economic challenges is to venture into manufacturing and value addition to the natural resources and produce.

“We need to start producing and we the people too have to create our own resilience so that regardless of what ever happens at least we are able to guarantee opportunities or create opportunities for ourselves” Rocky Dawuni admonished.

He maintained that the problems of Ghana are going to be solved first of all by Ghanaians understanding that we have a problem. And that there is no one person who is a political Messiah coming to solve the problems.

“The only way we get Ghana out of this is for everybody to start working and everybody to work and make themselves better. That is the only way we can set the grounds up for leadership to be able to harness our readiness for us to move in the right direction” he said.

Rocky Dawuni’s latest song ‘Shade Tree’ released in September, 2023, talks about the common destiny of humanity and the need for unity just as the roots of the shade tree together, holding the tree for its shade to be enjoyed by all regardless.