Can Kojo Oppong Nkrumah still deny Ghana hasn’t been declared HIPC by the World Bank?

Kojo Oppong Nkrumah 1?resize=1000%2C600&ssl=1 Kojo Oppong-Nkrumah, Minister of Information

Wed, 30 Mar 2022 Source: Joel Savage

Following the collapse of banking institutions in Ghana, which affected the country’s economy, many businessmen and entrepreneurs lost interest in investments. It is possible Ghana was then drifting to the HIPC - Heavily Indebted Poor Countries zone.

The NPP government’s lack of leadership and ability to fight corruption further increased Ghana’s problems leading to the high rate of unemployment and debt, amid rumors that the World Bank has added Ghana to heavily indebted poor countries in Africa.

Kojo Oppong-Nkrumah, the inefficient Minister of Information, defending the incompetent NPP government, on October 27, 2020, said “It is not true that Ghana has been declared HIPC or has been added to the list of HIPC countries.”

Will Kojo Oppong Nkrumah still deny today that Ghana hasn’t been declared HIPC by the World Bank? There is no room for Oppong Nkrumah to tell lies or defend the incompetent NPP government because Ghana was officially declared HIPC by the World Bank in November 2021.

Some of the countries Ghana shares the same problem with are Tanzania, Ethiopia, Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros Islands, Democratic Republic of Congo, and the Republic of Congo. Reference: https://data.worldbank.org/?locations=XE-GH.

There are currently about 34 African countries on the World Bank and IMF’s heavily indebted countries of which Ghana is among the list. Current Ghana’s economy is in a serious crisis that may take several years to recover.

Accountability is one of the serious setbacks to the NPP government. Since they hate taking responsibility, they cannot deal with issues affecting the people and the nation. It was simply hard for the Minister of Information to accept that Ghana has already drifted to the HIPC zone.

According to the Bank of Ghana, the country’s debt stock hits GH¢336 billion and the debt-to-GDP ratio is now 76.4%. Ghanaians must, therefore, understand the reason hardships are the common problems everyone faces amid a high rate of unemployment.

Columnist: Joel Savage