What would Henry George advise Ghana to do regarding debt?

What would Henry George advise Ghana to do regarding debt?

Dr. Marty Rowland's response to the New York Times article "Crisis and Bailout: The Tortuous Cycle Stalking Nations in Debt"

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On September 18, 2023, the New York Times published an article by Patricia Cohen titled Crisis and Bailout: The Tortuous Cycle Stalking Nations in Debt. Cohen says “developing countries’ external debt payments — priced in dollars or euros — unexpectedly ballooned at the same time that prices of imported food, fuel and fertilizer shot up.”

What would Henry George advise Ghana to do?

Sovereign nations must possess their sovereign currency and refrain from borrowing in foreign denominations. Ghana’s predicament appears to stem from a potential lack of understanding among its leadership regarding the fundamental principles of sovereignty and its associated opportunities. This situation is further compounded by external pressures, as entities like the IMF seem to operate independently and thrive, possibly without Ghana fully realizing the benefits of its national sovereignty. Nationally-created wealth often escapes the purview of the state and, instead, becomes privatized, akin to the situation with land value.

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