Recently it emerged that Ghana’s debt to GDP ratio has crossed the 70% mark, making the country eligible for the Highly Indebted Poor Country (HIPC) initiative.
Government debunked that, saying a lot of industrialised nations have the same and even higher debt to GDP ratios, doesn’t mean they are also HIPC nations.
However, the IMF has released a list of 36 countries that currently qualify for debt relief under the HIPC initiative. Unsurprisingly, Ghana falls within the list.
The USA might be highly indebted, but they’re hardly a poor nation. Still, going HIPC is a conscious decision government has to take, which is not happening anytime soon.
Fun Fact: 30 of the 36 nations on the list are from Africa.
List of Countries That Have Qualified for, are Eligible or Potentially Eligible and May Wish to Receive HIPC Initiative Assistance (as of September 2015)
| Post-Completion-Point Countries (36)
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| Afghanistan | Ethiopia | Mauritania
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| Benin | The Gambia | Mozambique
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| Bolivia | Ghana | Nicaragua
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| Burkina Faso | Guinea | Niger
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| Burundi | Guinea-Bissau | Rwanda
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| Cameroon | Guyana | São Tomé & Príncipe
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| Central African Republic | Haiti | Senegal
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| Chad | Honduras | Sierra Leone
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| Comoros | Liberia | Tanzania
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| Republic of Congo | Madagascar | Togo
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| Democratic Republic of Congo | Malawi | Uganda
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| Côte d’Ivoire | Mali | Zambia
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| Pre-Decision-Point Countries (3)
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| Eritrea | Somalia | Sudan
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