Mounting Public Debt Means Ghana Is Back To Being A ‘Highly Indebted Poor Country’(HIPC)

1 min

President John Dramani Mahama
President John Dramani Mahama

John Mahama has done all he can with this country of ours. Mounting corruption, dumsor, increased cost of living, you name it and he has done it. So far I can say the only thing he has not done is get Ghana back to being a HIPC country, oh wait…

The mounting levels of Ghana’s public debt means as at this moment, our dear homeland is a Highly Indebted Poor Country. Our debt to GDP ratio now stands at 71%, according to figures released by the Bank of Ghana. All that means is that our debts stand at 71% of our total value as an economy, or our gross domestic product.

According to World Bank parameters, a nation is considered HIPC if debt to GDP ratio crosses that 70% barrier.

The last time Ghana was classified HIPC was in 2001, before the NPP government steered us out of it.

As it stands now, if our debt was shared equally amongst the 20-something million Ghanaians, each and every one of us owes Ghc 3,600.

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Nii Smiley Byte
My friends call me Moonbyte, my Mum named me Godwin. I am the Managing Editor of GhanaCelebrities.Com and I have three strong passions in life -- football, blogging and music -- in that order. I also love spending time with friends talking about the important things in life. I hate nothing more than 'authority' and can't stand hypocrisy fueled by dogma. My personal motto is that you can do everything you set your mind to, which I stole from my favourite person of all time Eminem. Contact: [email protected]


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