Under which government did Ghana join the Highly Indebted Poor Country?

Which government sent Ghana to HIPC?

Ghana’s history with HIPC

Ghana has a known history with HIPC. In 2002 during the John Agyekum Kufuor led NPP administration, Ghana was listed as a HIPC and subsequently benefited from a comprehensive debt reduction package from the World Bank and the IMF.

Is Ghana under HIPC?

But the World Bank explained that Ghana is listed in the list of HIPC countries because it once applied for a debt relief. … “The list of HIPC countries includes all countries that have either qualified or are potentially eligible for debt relief under the HIPC Initiative”.

What was the Heavily Indebted Poor Countries Initiative designed to do?

The HIPC Initiative was launched in 1996 by the IMF and World Bank, with the aim of ensuring that no poor country faces a debt burden it cannot manage. … In 2007, the Inter-American Development Bank (IaDB) also decided to provide additional (“beyond HIPC”) debt relief to the five HIPCs in the Western Hemisphere.

When did Ghana leave HIPC?

IMF: Ghana reached it decision point in February 2002 and its completion point in July 2004.

Why did Ghana go to HIPC?

In 2002, Ghana received debt relief amounting to US$275.2 million. … The HIPC Initiative aims at reducing the net present value (NPV) of external debt to a maximum of 150 per cent of exports or, for small open economies, to 250 per cent of government revenue at the time of the HIPC completion point.

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Who is eligible for MDRI?

Thus, it was agreed that all member countries (whether HIPC or non-HIPC) with per capita income US$380 a year or less would be eligible for MDRI debt relief from the IMF’s resources.

Which countries are HIPC?

Heavily indebted poor countries (HIPC)

  • Afghanistan.
  • Benin.
  • Bolivia.
  • Burkina Faso.
  • Burundi.
  • Cameroon.
  • Central African Republic.
  • Chad.

Is Ghana among the poorest country in the world?

It is ranked as number 54 in terms of countries with the lowest GDP per capita in Africa. On a global scale, Somalia is ranked at 188. The poorest countries in Africa are also among the poorest countries in the world.

Poorest Countries In Africa 2021.

Country Ghana
GDP (IMF ’19) $68.26 Bn
GDP (UN ’16) $42.79 Bn
Per Capita $42.79 Bn

Which year did Ghana went to hipic?

In February 2002 the government of Ghana released the Ghana Poverty Reduction Strategy (GPRS) and subsequently qualified for the Heavily Indebted Poor Countries (HIPC) initiative of the World Bank and International Monetary Fund (IMF).

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