Ghana is currently worse than our HIPC days in 2001/2002 — Kwesi Pratt 

Veteran journalist Kwesi Pratt Jnr. has criticized the Akufo-Addo administration, claiming that Ghana’s current economic situation is more dire than the days Ghana became a Highly Indebted Poor Country (HIPC) in 2001-2002.

Ghana entered the HIPC programme in 2002 to alleviate its debt burden and stimulate development, with support from the International Monetary Fund (IMF) and the International Development Association (IDA) aimed at reducing the country’s debt.

Speaking on Peace FM's "Kokrokoo" morning show, Kwesi Pratt argued that the current economic conditions are even worse than the HIPC era.

“We were declared HIPC around 2001 and 2002, but the situation now is worse than it was then,” Pratt remarked.

He elaborated that during the HIPC period, Ghana was spending two-thirds of its total export revenue on debt servicing and repayment.

“Today, the situation is far worse,” he reiterated.

Pratt also questioned the effectiveness of recent debt relief measures. In June, Ghana’s Eurobond holders forgave $4.7 billion of the country’s debt in an attempt to help stabilize the economy.

However, Pratt described it as insufficient, stating that “debt forgiveness is not a solution to the fundamental problems of the economy. It is not, can never be, has never been.”

He emphasized that while debt relief may offer temporary respite, it does not address the underlying economic challenges facing Ghana.