Rebuttal 'Ghana has not gone HIPC yet' - Bank of Ghana boss

Dr. Wampah said a lot of analysis go into a decision by a country to go HIPC saying, “its not based on GDP analysis.”

  • Published:
Dr. Henry Wampah - BoG Boss play

Dr. Henry Wampah - BoG Boss

24/7 Live - Subscribe to the Pulse Newsletter!

The Governor of the Bank of Ghana, Dr. Henry Wampah has dismissed media reports that the country’s current debt stock means the country has declined back to a Highly Indebted Poor Country (HIPC) status.

Dr. Wampah insisted that though the country’s debt stock has reached an alarming rate of GH¢ 94.5 billion, more than 70% of GDP, it still does not mean Ghana is now HIPC.

Dr. Wampah explained that it is only government that can declare Ghana HIPC.

He said “to go in HIPC is a conscious decision by a country” and not just on assertions.

“You can say that it [Ghana’s debt] has reached levels of pre-HIPC levels but you can’t say we are HIPC. To go HIPC is a decision by government, it’s not automatic that at some level you should go HIPC.”

Dr. Wampah said a lot of analysis go into a decision by a country to go HIPC saying, “its not based on GDP analysis.”

He was speaking on Monday at the central bank’s Monetary Policy Committee press conference.

Debt stock

In May, the country’s total debt stock stood at 89.5 billion cedis which was 67.1% of Gross Domestic Product (GDP).

Figures from the the Bank of Ghana, states that the country’s external debt stock has also increased by GHc4.8 billion, between May and June and currently stands at GHc58.6 billion representing 44% of GDP.

Total domestic debt stock also increased by 200 million cedis between May and June.

According to the central bank, the total domestic debt stock as at June, stood at GHc35.9 billion, representing 26.6% of GDP.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Banking In Ghana Ghanaian banks resist the use of crypto currencybullet
2 MoMo Ghanaians to make int’l payments with mobile money as MTN...bullet
3 2018 World Happiness Report Somalia is a happier place to live than...bullet
4 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
5 Police Service Debt Vodafone cuts off line to Ghana Police...bullet
6 Nima Flagstaff House We'll return to vote for you in 2020 -...bullet
7 Nepotism In Ghana NLA boss awards sister-in-law 11 contracts...bullet
8 Prisons Recruitment Prison Service extends recruitment...bullet
9 Electricity Tariffs PURC gazettes tariff reductionbullet
10 Monument of founder of Accra Mall, Joseph...bullet

Top Videos

1 Support Finance minister buys Kantanka carbullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Forbes 2018 Africa's billionaires rich listbullet
4 Money Alert Meet Africa's richest womanbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
7 Plane Crash Starbow suspends operations following plane crashbullet
8 Tech 6 reasons you should buy an iPhone SE instead of any...bullet
9 Entrepreneurship How To Get Ready To Get Started |...bullet
10 Entrepreneurship How to be resourceful as an entrepreneurbullet