Rutashubanyuma
JF-Expert Member
- Sep 24, 2010
- 219,468
- 911,184
- Thread starter
- #9,881
The debt trap is like drug addiction. When you feel low you binge more drugs and when you are bankrupt you borrow more to repay the debts. It is a debt vicious crisis.
The government is essentially bankrupt. After defaulting on billions of dollars owed to foreign lenders in December, the administration of President Nana Akufo-Addo had no choice but to agree to a $3 billion loan from the lender of last resort, the International Monetary Fund.