IS GHANA REALLY HIPIC AGAIN? – THE IMF RESPONSE TO JOHN D. MAHAMA

OBVIOUSLY IN REGARDS TO HIS ELECTION CAMPAIGN, THE FLAGBEARER OF THE OPPOSITION NDC HAS SPREAD THE RUMOR THAT GHANA WILL GO HIPIC AGAIN. THIS IS TO DISGRACE THE ECONOMIC EFFORTS UNDER THE AKUFFO-ADDO GOVERNMENT. YESTERDAY THE INTERNATIONAL MONETARY FUND [IMF] PUBLISHED A RESPONSE TO THESE RUMORS. READ THE RESPONSE OF THE IMF AS FOLLOWS:

“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 to the HIPC Initiative since 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.”

SEE: https://www.primenewsghana.com/business/imf-responds-to-ghana-s-hipc-classification.html

I SHOULD ADD THAT UNDER THE PANDEMIC SITUATION, THERE IS PROBABLY HARDLY ANY COUNTRY THAT HAS A DEBT-TO-GDP RATIO UNDER 70 PERCENT. WE COULD THEN DECLARE THE UNITED STATES OF AMERICA, GERMANY, AND THE UNITED KINGDOM HIRIC. WE COULD CLASSIFY THESE COUNTRIES AS HIGHLY INDEBTED RICH COUNTRIES. THEREFORE, WE CAN SEE THAT THE RUNORS SPREAD BY THE NDC ARE ONLY AN ATTEMPT BY THE NDC TO DISCREDIT THE NPP GOVERNMENT AHEAD OF THE DECEMBER ELECTIONS.

JUST BECAUSE THEY DON’T HAVE AN ALTERNATIVE…

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