HIPC: $700mil off in 3 years

Ghana is expected to enjoy the next three years from the adoption of the Heavily Indebted Poor Countries Initiative (HIPC).
Mr Boniface Abubakari Sadique, Deputy Minister of Trade and Industry designate, who said this, explained that the amount may not necessary be in the form of "new money but debt write-off."
Mr Abubakari Sadique, who was addressing members of the Ghana National Association of Consumers (GNAC) in Accra at the weekend, said, "this can release government squeeze on domestic funds for the benefit of the private sector."
He explained that it would also precipitate lower inflation, high growth and low interest rates to the benefit of the national economy. Mr Abubakari Sadique, a Member of Parliament for Salaga in the Northern Region, therefore, urged Ghanaians to do away with mistrust and suspicion that have characterized the relationship between private and public sector representatives.
He said looking at the precarious economic situation inherited by the government; there would be no funds for development, had the country not taken advantage of the HIPC.
The deputy minister noted that the government's resolve to put in place concrete measures to salvage the economy has been hampered by economic difficulties inherited.
He, therefore, stressed the need for the country to generate a greater proportion of her foreign exchange resources from export, instead of aids.
Mr Francis Badu-Brown, observed that the fragmented nature of existing laws with ambiguously defined roles of enforcement agencies compounds the woes of consumers as service providers, business institutions and and importers take advantage of the weaknesses of the laws at the peril of the people.
Mrs Suzanna Boateng, president of the association, said concerns about the proliferation of sachet water producing firms, wholesome goods and other consumables are as a result of ignorance of the rights of the consumers, lack of a comprehensive law and enforcement by the agencies entrusted with the responsibility. She called for the intensification of education on the rights of the consumer.

Ghana is expected to enjoy the next three years from the adoption of the Heavily Indebted Poor Countries Initiative (HIPC).
Mr Boniface Abubakari Sadique, Deputy Minister of Trade and Industry designate, who said this, explained that the amount may not necessary be in the form of "new money but debt write-off."
Mr Abubakari Sadique, who was addressing members of the Ghana National Association of Consumers (GNAC) in Accra at the weekend, said, "this can release government squeeze on domestic funds for the benefit of the private sector."
He explained that it would also precipitate lower inflation, high growth and low interest rates to the benefit of the national economy. Mr Abubakari Sadique, a Member of Parliament for Salaga in the Northern Region, therefore, urged Ghanaians to do away with mistrust and suspicion that have characterized the relationship between private and public sector representatives.
He said looking at the precarious economic situation inherited by the government; there would be no funds for development, had the country not taken advantage of the HIPC.
The deputy minister noted that the government's resolve to put in place concrete measures to salvage the economy has been hampered by economic difficulties inherited.
He, therefore, stressed the need for the country to generate a greater proportion of her foreign exchange resources from export, instead of aids.
Mr Francis Badu-Brown, observed that the fragmented nature of existing laws with ambiguously defined roles of enforcement agencies compounds the woes of consumers as service providers, business institutions and and importers take advantage of the weaknesses of the laws at the peril of the people.
Mrs Suzanna Boateng, president of the association, said concerns about the proliferation of sachet water producing firms, wholesome goods and other consumables are as a result of ignorance of the rights of the consumers, lack of a comprehensive law and enforcement by the agencies entrusted with the responsibility. She called for the intensification of education on the rights of the consumer.