Seasoned Journalist, Kwesi Pratt Jnr. says Ghana’s economy under the Akufo-Addo administration is far worse than when the country was declared a member of the Highly Indebted Poor Countries (HIPC).<\/p>\n
Ghana went under the HIPC programme in 2002 to reduce the country’s debt and enhance her development.<\/p>\n
In February 2002, the International Monetary Fund (IMF) and the International Development Association (IDA) agreed to support a comprehensive debt reduction package for Ghana under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative, a report by the World Bank.<\/p>\n
Addressing the current economic situation of Ghana while discussing the mid-year budget statement by the Finance Minister on Tuesday, July 23, Kwesi Pratt exclaimed;\u00a0“We have gone into HIPC before. We were declared HIPC around 2001 and 2002…but the situation now is worse than 2001”.<\/em><\/p>\n He further argued;\u00a0“In 2001 when we went into HIPC, at that time, our main concern was that we were spending two-thirds of total export revenue on debt servicing and debt repayment. Look at the situation today, far worse!”<\/em><\/p>\n Mr. Pratt added that the debt forgiveness to Ghana as part of measures to boost the economy has little positive impact.<\/p>\n Ghana\u2019s Eurobond holders, in June this year, forgave the nation of $4.7 billion of the debt owed them with aim of helping the country to return to its feet.<\/p>\n But to Kwesi Pratt Jnr., government shouldn’t pride itself for securing this respite, stressing on\u00a0Peace FM’s<\/strong>\u00a0“Kokrokoo” discussion show that\u00a0“debt forgiveness is not a solution to the fundamental problems of the economy. It is not, can never be, has never been!”<\/p>\n Watch video below<\/strong><\/p>\n <\/em><\/p>\n