54 lower-income countries are in debt crisis – forced to choose between repayments and essential services. Millions are being robbed of an education and healthcare. A new UK law has the power to change that and force greedy lenders to cancel debt. Together we can make it possible and win justice.
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Beneficiaries
Situation
54 lower-income countries are in a debt crisis – forced to choose between repayments and essential services like healthcare, education, or tackling the climate crisis. In Ghana, a country deep in debt crisis, food, water, and energy prices have all skyrocketed. It’s the biggest global debt crisis in over 30 years. But instead of cancelling unsustainable debt, financial giants are making billions. Ghana’s debts alone could make $13-19 billion for some lenders in profit if paid in full.
Solution
The UK government has the power to help end the global debt crisis – because 90% of the debts owed to big finance by countries like Ghana are overseen by UK law. That means a new law here in the UK could force corporate lenders to cancel unfair debts. Side by side with campaigners from countries in crisis, we’re campaigning for a new debt justice law that would force private lenders to cancel unsustainable debts and free up funds to invest in public services and tackling the climate crisis.