Ghana Struggles with Economic Sovereignty Amid Debt Crisis

Ghana continues to grapple with an economy deeply influenced by external financial control, stemming from colonial trade policies to contemporary borrowing practices that undermine economic sovereignty. The cycle of dependency on creditors has led to repeated cycles of economic promises without substantial results, as highlighted by President John D. Mahama's recent State of the Nation Address regarding the ongoing economic crisis. Meanwhile, in the U.S., discussions around national debt are intensifying, with lawmakers debating whether to make the 2017 Tax Cuts and Jobs Act permanent or focus on reducing the national debt, projected to reach $65 trillion by 2034. The U.S. national debt has historically been a bipartisan issue, with both parties contributing to its rise, particularly during significant crises. In contrast, Uganda’s current debt climate reflects personal financial struggles, emphasizing the need for better financial management and awareness among individuals. Overall, these narratives underscore a global struggle with debt, where both individuals and nations face the challenges of managing financial obligations amidst economic uncertainty.