Ghana not classified as HIPC - IMF

Ghana has not been classified as a Highly Indebted Poor Country (HIPC) based on data on its website, the International Monetary Fund (IMF) has said.

International Monetary Fund

The IMF debunking claims in a statement stated that the recent update of Ghana's debt-to-GDP ratio has not triggered any decision or action by the institution.

Ghana back to HIPC under Nana Addo - Mahama

The presidential candidate of the National Democratic Congress (NDC), John Mahama, expressed concerns over the rising debt level of the country under the government led by President Nana Addo Dankwa Akufo-Addo.

He chastised the government's management of the economy citing the country's rising public debt stock as a situation that can take Ghana back to being a Highly Indebted Poor Country (HIPC).

He said the International Monetary Fund (IMF) forecast Ghana's current rate of borrowing and debt at 76.7 percent debt to GDP ratio.

According to him, "Contrary to the impression created by Nana Akufo-Addo that he inherited nothing from me and that he inherited a mess, I left him revenue from two new oil fields - the TEN field and ENI Sankofa fields.

"I left him with $270 million in the Ghana Infrastructure Investment Fund. I left him with more than $207 million in the Stabilisation Fund and about $300 million in the Sinking Fund with which the final payment of the Kufuor euro bond was paid on maturity in 2017."

IMF denies

But the IMF said any such interpretation may be flawed or deceptive.

Read below the full statement from IMF

We have been made aware of (social) media reports stating that Ghana has recently been added to the list of Heavily Indebted Poor Countries (HIPC) by the International Monetary Fund (IMF). As a result, we would like to provide the following clarifications:

The HIPC Initiative is essentially CLOSED for countries that have already reached the Completion Point.

As you may recall, Ghana successfully reached the Completion Point in July 2004.

The list of countries that have qualified for the HIPC Initiative since its inception in 1996 is regularly updated on our website and MUST NOT be interpreted as a new “HIPC list”.

Any such interpretation is flawed and may be deceptive.

Also, the recent update of Ghana’s debt-to-GDP ratio has NOT triggered any decision or action by the IMF. For ease of reference, you can access the latest issue of the Fund’s Regional Economic Outlook for sub-Saharan Africa on our website.

We would like to take this opportunity to encourage you to seek clarification before giving credence to rumor involving the IMF in Ghana. We reserve the right to issue a public statement to make such clarifications as needed.


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