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Politics of Tuesday October 27, 2020
Source: FM class
2020-10-27
Ken Ofori Atta – Ghana Finance Minister (left) and President Nana Addo Dankwa Akufo- Addo (right)
Ghana has returned to being a highly indebted poor country (HIPC) under the administration of President Akufo-Addo, the standard bearer of the main opposition National Democratic Congress (NDC), John Dramani Mahama, he said.
According to Mahama, the International Monetary Fund (IMF) forecast Ghana’s current debt and indebtedness rate at a debt-to-GDP ratio of 76.7 percent.
This, according to Mr. Mahama, has returned the nation to the days of the HIPCs.
Speaking at the La Palm Royal Beach hotel on Monday, October 26, 2020, where he hired professionals before the December 7 elections, Mahama pointed out that it is wrong that he has left President Akufo-Addo with nothing.
“Contrary to the impression created by Nana Addo Dankwa Akufo-Addo that she did not inherit anything from me and that she inherited a disaster, I left her income from two new oil fields: the TEN field and the 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 Stabilization Fund and around $ 300 million in the Sinking Fund with which the final payment of the Kufuor euro bond was paid at maturity in 2017, ”said Mahama.
He went on to say: “As for growth in 2020, the economy that was sold to us as resilient and capable of withstanding shocks for at least three months without any external intervention could not stay afloat without IMF support for more than three weeks.
“Worse still, this government’s debt rate has stunned many observers.
“The IMF in its Regional Economic Outlook for Sub-Saharan Africa forecast the current rate of indebtedness and indebtedness at an alarming debt-to-GDP ratio of 76.7%.
“Ladies and gentlemen, unfortunately Ghana has reverted to HIPC under Nana Akufo-Addo and Ken Ofori-Atta.”
HIPC is a group of developing countries with high levels of poverty and over-indebtedness that are eligible for special assistance from the IMF and the World Bank.
It offers debt relief and low interest loans to cancel or reduce external debt payments to sustainable levels.
Ghana completed the program and canceled its external debt and is no longer eligible for the HIPC initiative.
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