IMF debunks Ghana’s ‘new’ HIPC status

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The Resident Representative of the International Monetary Fund (IMF) Albert Touna Mama has stated that reports Ghana has been classified as a Highly Indebted Poor Country (HIPC) by the Fund are deceptive.

Mr. Touna Mama in a statement issued Tuesday, October 27, said that Ghana which completed the HIPC initiative 16 years ago is not eligible to apply for the initiative.

“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,” the Fund’s Resident Rep added.

While the Bretton Woods institution updated its 2020 end-year forecast for Ghana’s debt-to-GDP ratio to 76.7 percent, Mr. Touna Mama explained that the update has not triggered any decision or action by the Washington-based lender.

“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,” Mr. Touna Mama concluded.

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