Posted on 10/06/2023 5:34:13 PM PDT by nickcarraway
Ghana - once touted as a trailblazing African economic success story - is facing an unprecedented financial crisis.
This week, hundreds of protestors took to the streets in the capital Accra, calling on the governor of the Bank of Ghana and his two deputies to resign over the loss of about 60bn Ghanaian cedis ($5.2bn; £4.3bn) in the 2022 financial year.
The demonstration, dubbed #OccupyBoG, was led by the opposition National Democratic Congress (NDC) party. The protesters, dressed in red shirts, scarves and berets, chanted songs and held banners - some reading "stop the looting, we are suffering".
The opposition claims the bank printed money illegally to lend to the government, leading to the depreciation of the currency and crippling inflation.
(Excerpt) Read more at bbc.com ...
I don’t know how it happened but my share of $50,000,000 is being wired to my bank account any day now.
Those Nigerian email pleas for financial help for that fellow’s family crisis seemed so sincere.
The US government has disappearing billions down to an art.
Ghana had $5 B to begin with?
“The opposition claims the bank printed money illegally to lend to the government, leading to the depreciation of the currency and crippling inflation.
…
It has also criticised the bank for spending more than $762,000 on domestic and foreign travel, an 87% increase on the previous year, and $250m on a new office building.
…
It also says the government’s decision to borrow $700m from it and not pay it back in full has contributed to the crisis.
…
This meant the government needed in excess of 70% of its income to service the debt, something it was unable to do. It subsequently defaulted on much of its debt payments.”
I used to laugh at 2nd and 3rd world economics, but I can easily see it coming here - sooner than most think. Much of this sounds like the Uniparty. “We had no idea this would happen. We just wanted a better country.”
“I don’t know how it happened but my share of $50,000,000 is being wired to my bank account any day now.”
It’s the demurrage charges eating up your funds.
What, did they hire American Demonrats to run it ?
to a Nigerian Prince???
Only $5 billion in one year?
Pikers.
We have a demented idiot pretending to be president who loses more than that in a week.
Math is racist! math is racist
I’m sure it’s all American foreign aid. Don’t get more next year don’t worry about it.
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