Report By: Ishmael Barfi
A new report by ActionAid Ghana highlights the challenges of the country’s fossil fuel debt crisis, demonstrating how prolonged reliance on oil has burdened the nation with unsustainable debt and hindered economic growth.
Titled “Gaslighting Ghana: Exposing Predatory Investments and the World Bank’s Role in Ghana’s Energy Crisis,” the report presents a troubling overview of Ghana’s energy sector, where the pursuit of fossil fuels has resulted in economic instability and environmental degradation.
Key findings of the report reveal significant difficulties in debt repayment, despite Ghana discovering oil deposits in 2007, which was anticipated to enhance economic growth.
Additionally, the report shows that the country has been compelled to seek bailouts from international institutions such as the IMF and World Bank, further worsening its financial situation.
In an interview, ActionAid Ghana Country Director John Nkaw emphasized that Ghana’s energy future must be climate-resilient, democratically governed, and free from exploitative fossil fuel arrangements.
He stated, “We shouldn’t always blame foreign or multilateral entities for our situation. We are a sovereign state. If we manage our institutions and sectors effectively, we may not need to return to them for bailouts.”
Nkaw outlined several recommendations, urging an immediate cessation of all new fossil fuel projects.
ActionAid Ghana is also calling for a halt to new coal, oil, and gas initiatives, emphasizing the need to safeguard the country from further debt and environmental harm.
Moreover, they advocate for the cancellation of debts related to fossil fuels, arguing that these obligations are unsustainable and impede Ghana’s economic development.
The report recommends shifting focus towards public investments in renewable energy systems, such as solar and wind power, which can offer a dependable and sustainable energy source for the country.
This report serves as a clarion call to policymakers, civil society organizations, and international partners to reconsider Ghana’s energy policy and prioritize renewable energy over fossil fuels.
By transitioning to renewables, Ghana can diminish its reliance on imported fuels, create jobs, and stimulate economic growth.
As Ghana stands at a crossroads in its energy journey, ActionAid Ghana’s report underscores the urgent need for a sustainable and equitable energy future.
Will the country continue down the path of fossil fuel dependence, or will it seize the opportunity to transition to renewable energy and build a more resilient economy? The choice is clear.
Source: www.thenewindependentonline.com
