Coordinator of the Third World Africa Network –Africa, Dr Yaw Graham has advised that successive governments take lessons from the mistakes of past administrations.

According to him, from 2007 to date each government has wrongly negotiated loans which have led to most of the country's most important assets being collateralised.

“I think the lesson to take from this is our own government, the list that you have read, how could any responsible pile-up commitment to securitise borrowing for security infrastructure with our export earning,” he said Top Story on Joy FM.

Dr Graham's comments come on the back of  JoyNews’ check which shows that the West African nation has contracted at least 8 collateralised loans from China with different mineral resources as security against default. As at the end of 2022, Ghana owed China $1.9 billion out of which $619 million were collateralized loans.

https://www.myjoyonline.com/china-has-access-to-ghanas-mineral-revenue-and-electricity-sales-upon-default-of-4-loans-imf/#:~:text=This%20loan%20agreement%20means%20in,electricity%20to%20settle%20the%20debt.

On the back of this, quizzed how very useful assets of the Nation were given to China on a silver platter.

He blamed the situation on the lack of proper checks and balances in the arms of the government.

“A dam is our productive assert which we can argue that we generate revenue and so in discussing the treat or otherwise arriving at collateralisation. I think the more important lesson we should be discussing is the absolute lack of accountability for terms that our government borrows on the uses they put the money, the result that they do not show, and the complicities in our parliament in allowing,” he bemoaned.

Again, he criticised the government for allowing pensioners to be at the receiving end of its wrong negotiations.

He continued that “when we talk about the threat China poses to us, we should be asking who in this country put the country’s head in the mouth of Chinese and discuss future lessons to avoid a repetition of the impunity, the abuse of power, the corruption and the waste and the lack of accountability which is responsible for it.”