alarming rate of GH\u00a2 94.5 billion<\/a>,<\/strong><\/span>\u00a0more than 70% of GDP, it still does not mean Ghana is now HIPC.<\/p>\n[contextly_sidebar id=”Ez8HKlO4PZklnTFuVZv6NKsB9tW1c49J”]Dr. Wampah explained that it is only government that can declare Ghana HIPC.<\/p>\n
He said \u201cto go in HIPC is a conscious decision by a country\u201d and not just on assertions.<\/p>\n
\u201cYou can say that it [Ghana\u2019s debt] has reached levels of pre-HIPC levels but you can\u2019t say we are HIPC. To go HIPC is a decision by government, it\u2019s not automatic that at some level you should go HIPC.\u201d<\/p>\n
Dr. Wampah said a lot of analysis go into a decision by a country to go HIPC saying, \u201cits not based on GDP analysis.\u201d<\/p>\n
He was speaking on Monday at the central bank’s Monetary Policy Committee press conference.<\/p>\n
Debt stock<\/strong><\/p>\nIn May, the country\u2019s total debt stock stood at 89.5 billion cedis which was 67.1% of Gross Domestic Product (GDP).<\/p>\n
Figures from the the Bank of Ghana, states that the country\u2019s external debt stock has also increased by GHc4.8 billion, between May and June and currently stands at GHc58.6 billion representing 44% of GDP.<\/p>\n
Total domestic debt stock also increased by 200 million cedis between May and June.<\/p>\n
According to the central bank, the total domestic debt stock as at June, stood at GHc35.9 billion, representing 26.6% of GDP.
\n<\/strong><\/p>\n–<\/p>\n
By: Godwin A. Allotey\/citifmonline.com\/Ghana<\/p>\n