Modern Ghana logo

FEATURED: Can We Blame Religion For Africa’s Economic Woes?...

13.06.2005 General News

Ghana's inclusion is the reward for opting for HIPC - President Kufuor


Accra, June 13, GNA - President John Agyekum Kufuor says the inclusion of Ghana in the 100 per cent debt write-off by the G-Eight countries is the reward for her opting for the Highly Indebted Poor Countries (HIPC) Initiative in 2001.

A statement from the Office of the President quoted him as saying: "We opted for the HIPC Initiative in 2001 to allow us breathing space recognizing our priorities and this is the reward for all." President Kufuor said, however, that the move, which was a feather in the cup of the New Patriotic Party (NPP) administration, provided inspiration for hard work.

The statement said Ghana's inclusion followed from the successful record time of HIPC completion, eligibility in the United States Marshall Plan dubbed "Millennium Challenge Account" in which Ghana hopes to reap about 290 million dollars.

President Kufuor said the dividends of democracy borne out of the pursuance of good governance, investing in the people while establishing economic freedom through prudent economic management, should elicit widespread support for the concept of Ghana incorporated. Eighteen countries qualify for the debt relief owed to the International Monetary Fund, World Bank and the African Development Bank. Ghana's debt to be cancelled is estimated to be between four to five billion dollars.