Ghana may just be back to the status of heavily indebted poor countries (HIPC) if care is not taken, according to Vice President of policy think tank, IMANI Africa, Kofi Bentil.
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Mr. Bentil in a post on Facebook expressed worry over how the country has squandered revenue from the oil discovery, as well as theorizing debt level.
He opined that if the leaders of the country do not change focus and redirect the path of Ghana, the West African country will definitely attain the status of HIPC again, despite the debt cancellation 10 years ago.
“Prez Kufuor got our debts cancelled under HIPC. Then God Blessed Ghana with Oil.10 years after debts were cancelled and Oil money came on stream, plus rebasing our economy which gave us more capacity, Ghana is back to HIPC levels of Debt.”
He challenged the managers of the economy to pin-point a specific project the $6 billion dollars of oil revenues has been used for.
The heavily indebted poor countries (HIPC) are a group of 37 developing countries with high levels of poverty and debt overhang which are eligible for special assistance from the International Monetary Fund (IMF) and the World Bank.
Government's debt has increased as it spends more than planned. The country’s total debt stock hit GH¢205 billion ending July 2019.
This was contained in the September Bank of Ghana’s summary of financial and economic data.
Bailouts to lenders during a cleanup of the banking sector and liabilities for excess power and gas that Ghana doesn’t consume have pushed up government debt.
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