Our generation is still paying interests on loans our grandfathers borrowed - Stonebwoy laments

Multiple award-winning Ghanaian afro-dancehall star Stonebwoy grieves for this generation after years of repayment of loans and debts owed by its ancestors.

Stonebwoy and Nana Addo

The “Come From Far” hitmaker has expressed worry about how this generation is still paying debts while new loans are being secured by the recent governments.

He made his feelings known in a tweet sent out at the wee hours of Tuesday, June 8.

“Already our generation is still paying interests owed to the foreign donors of loans our Great GrandFathers borrowed... #MoreYawa,” he tweeted.

It’s unclear what triggered his tweet, however, a recent loan secured by President Akufo-Addo for the establishment of the Development Bank Ghana (DBG) has been the talk of the town.

In mid-May, the Ministry of Finance reached an agreement with the European Investment Bank for the provision of a one hundred- and seventy-million-euro (€170 million) facility for the establishment of the new national bank, the Development Bank Ghana (DBG).

President Akufo-Addo secured the loan after holding a meeting with the President of the European Investment Bank, Dr Werner Hoyer, as part of his official visit to Belgium.

The €170 million loan facility, according to Dr Hoyer, is the largest facility provided by the European Investment Bank for the establishment of a development bank in Africa or any other project, for that matter, on the continent.

This move has been criticized by many Ghanaians and the main opposition party, the National Democratic Congress (NDC).

A few days after Ghana secured the loan, the President of the World Bank David Malpass asked Ghana to reduce its non-concessional borrowing because of its impact on future generations.

According to him, “holding down the non-concessional debt means higher interest rate debt because that burdens the further generations.”

The World Bank’s President call is coming when Ghana has been classified as high risk of debt distress country by the World Bank.

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