The Governor of the Bank of Ghana, Dr. Henry Wampah has dismissed media reports that the country’s current debt stock means the country has declined back to a Highly Indebted Poor Country (HIPC) status. Dr. Wampah insisted that though the country’s debt stock has reached an alarming rate of GH¢ 94.5 billion, more than 70% of GDP, it still does not mean Ghana is now HIPC. Dr. Wampah explained that it is only
government that can declare Ghana HIPC. He said “to go in HIPC is a conscious decision by a country” and not just on assertions. “You can say that it [Ghana’s debt] has reached levels of pre-HIPC levels but you can’t say we are HIPC. To go HIPC is a decision by government, it’s not automatic that at some level you should go HIPC.” Dr. Wampah said a lot of analysis go into a decision by a country to go HIPC saying, “its not based on GDP analysis.” He was speaking on Monday at the central bank’s Monetary Policy Committee press conference.