Cognizant of NDC\u2019s notoriety of contracting bad loans for political expediency detrimental to national interest, evident in the vehemently criticized STX Housing deal, it is prudent we proactively caution it to avoid the much touted detestable and ill famed Vulture Funds.<\/p>\n
The discredited STX Housing deal has been criticized and condemned by Ghanaians as well as some NDC party functionaries including Nana Konadu Agyeman Rawlings who has indicated her intentions of investigating the controversial STX housing deal thoroughly if she becomes president in 2012. Despite the suspicions of fishy deals and consequential condemnations of the STX housing deals, NDC is adamant and bent on foisting the deal on Ghanaians at all cost for parochial political and personal gains at the expense of the concerns and interests of Ghanaians.<\/p>\n
We are apprehensive the NDC, in their desperation to satisfy their selfish political and personal goals, may obtain loans from the much dreaded Vulture Funds that have run down the economies of most third world countries.<\/p>\n
Vulture Funds are profit oriented financial organizations that buy distressed debts of poor countries from their creditors at a huge discount and later sue the poor indebted countries in court once the poor country has some money (often after debt cancellation) to obtain multiples of the price they paid for the debt. Vulture Funds recover the original face value of the debt literally rejecting international debt reduction agreements and initiatives.<\/p>\n
Donor Countries, through The Heavily Indebted Poor Countries (HIPC) Initiative in 1996, have cancelled over $90 billion debts owed by many debt-ridden poor third world countries to promote economic development and poverty reduction in the developing world. In addition, members of the Paris Club and London Club are also actively involved in debt relief and restructuring. The objective is to assist these poor countries to use the money formerly earmarked for debt repayment for development.<\/p>\n
However, the activities of Vulture Funds have corrupted, threatened and undermined these progressive initiatives to emancipate impoverished countries from the clutches of poverty and underdevelopment. Poor countries across the developing world are facing Vulture lawsuits.<\/p>\n
A 2008 report by the IMF stated that Vulture Funds were engaged in claims seeking a total of $1.47 billion from HIPCs. The Vulture Fund Donegal International claimed $55 million from Zambia for a debt it purchased for $3 million.<\/p>\n
The vulture fund Red Mountain Finance, between 1998 and 2003, sued the Democratic Republic of Congo in a U. K. High Court and received $ 40 million in judgments and obtained settlements at great expense to conflict-ridden DRC\u2019s efforts to reconstruct its social and economic infrastructure. Other Vulture Funds targets include Nigeria, Liberia, Cameroon, Ethiopia, the Republic of Congo, Honduras, Nicaragua, Sierra Leone, and Uganda.<\/p>\n
Vulture Funds litigations also increase risk levels of companies doing business with poor countries targeted by Vulture Funds. Vulture Funds, usually using US and UK courts, attempt to seize the debtor country\u2019s assets worldwide, interfere with and threaten established trade relationships between the debtor country and private companies. These actions adversely affect the capacities of impoverished countries to attract potential trading partners and investors thereby undermining their development strategies and provision of the basic needs of their people.<\/p>\n
There is a global crusade to outlaw the diabolical exploitation of impoverished third world countries by Vulture Funds. In the United States, The Stop VULTURE Funds Act (H.R. 2932), introduced in Congress on June 18, 2009, aimed to outlaw profiteering by Vulture Funds on debts held by countries eligible for debt relief. The Act does this by capping the amount of profit that a secondary creditor can reap through litigation based on those debts.<\/p>\n
The Bill requires, prior to litigations in US Courts, public disclosure of the names of persons interested in the sovereign debt claim, how and where the claim was acquired and the purchase price. The bill also requires certification by Vulture Funds that they have not bribed anybody while pursuing collection of the defaulted debt claim. The legislation is supported by numerous non-profit and faith-based organizations including Jubilee USA Network, TransAfrica Forum, Africa Action, the United Church of Christ, the Center for Economic and Policy Research and the Quixote Center, all of which agitate for debt cancellation and a more just international financial system for the world\u2019s impoverished countries.<\/p>\n
Vulture Funds have also garnered concerns among World leaders and financial institutions that recognize the threat posed by Vulture Funds. In 2007, the G-7 Finance Ministers voiced their concerns about \u201cthe problem of aggressive litigation against HIPC countries.\u201d UK Prime Minister Gordon Brown condemned \u201cthe perversity where Vulture Funds purchase debt at a reduced price and make a profit from suing the debtor country to recover the full amount owed – a morally outrageous outcome.” The World Bank called Vulture Funds \u201ca threat to debt relief efforts.\u201d<\/p>\n
It is evident that Vulture Funds have exploitative agenda and governments that deal with these funds equally have hidden diabolical agenda of obtaining political and financial gains. As articulated by numerous world leaders and financial institutions, all purposeful governments that purport to place their citizenry interests above parochial political and personal gains must avoid Vulture Funds. We therefore advise the NDC to avoid at all cost the fearful Vulture Funds and their catastrophic consequences.<\/p>\n<\/div>\n
More: <\/p>\n","protected":false},"excerpt":{"rendered":"
Cognizant of NDC\u2019s notoriety of contracting bad loans for political expediency detrimental to national interest, evident in the vehemently criticized STX Housing deal, it is prudent we proactively caution it to avoid the much touted detestable and ill famed Vulture Funds. The discredited STX Housing deal has been criticized and condemned by Ghanaians as well as some NDC party functionaries including Nana Konadu Agyeman Rawlings who has indicated her intentions of investigating the controversial STX housing deal thoroughly if she becomes president in 2012<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-417925","post","type-post","status-publish","format-standard"],"yoast_head":"\n
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