If we Africans would focus more on Intra-Africa trade and ease logistics across the continent, we would greatly create wealth, jobs and opportunities for ourselves today and for the next generations.
China is putting Africa in debt making sure when their economic boom happens they essentially reap all the benefits. China aren't playing and we have to really discern between humanitarian support and profit base cooperations.They literally can’t lose if they are in for economic gains. If these debts miraculously get paid by the developing countries,they win , if the developing countries can’t pay then they takeover land and resources more valuable than the debts. Using land and resources as collateral for undeniably bad debts might subject the country and everything they've got to international manipulation . I honestly blame our leaders in one way. I wonder if the future of the next generation of Ghanaians and Africans at large is considered at such negotiation tables.
If Ghana is unable to pay off their loans , China will own 5% of the entire Bauxite reserves. The sad part is that it's usually assumed those who signed these agreements for the loan will pocket 50% and use only 50% for the specific projects meant to be undertaken with the loan. Ghana and Africa at large is sitting on a huge nuclear time bomb.
The Western Capitalists have had enough and still gaining a lot of shares in our resources since colonial times. The Asian Tigers are being consistent on their loan agreements with African States. This same continent that doesn't really have a clear cut plan for herself and even for the next generations.
What's your take on the use of natural resources as Collaterals for international loans? Is it a good move ? If it's not ,how can we do it better?
NB: The youth can complain and blame these old folks as much as we like but it doesn't change the fact that we will definitely be under the direct impact of the consequences from their decisions today.
blogpay
Total Comments: 0