‘Yentua’ was negotiation, not recklessness – Sam Jonah on Acheampong’s debt decision

Former Head of State General Ignatius Kutu Acheampong's decision to repudiate some of Ghana's external debt in 1972 was an act of courage and negotiation skill, according to business leader Sir Sam Jonah. During his Second General I.K. Acheampong Memorial Lecture in Accra on November 13, 2026, Jonah highlighted that Ghana announced on February 5, 1972, that it would not honor about US$90 million in suppliers' credits considered tainted by corruption, fraud, or inflated contracts.

Jonah explained that the decision became known through the Akan expression "Yentua," meaning "we will not pay." He emphasized that Acheampong's decision reflected a willingness to endure short-term economic pressure for long-term national dignity. Jonah argued that repudiation compelled creditors to return to negotiations, leading to a rescheduling agreement in Rome in 1974 with an interest rate of 2.5 percent and an extended grace period.

He contrasted this decision with Ghana's suspension of payments on much of its external debt in December 2022, which was driven by the country's inability to meet its debt obligations rather than a deliberate negotiating position. Jonah called for renewed discussion about Ghana's debt management, economic sovereignty, and lessons that can be drawn from the country's past dealings with creditors.