Is Ghana Broke? Ghana Has Moved From HIPC To HIMIC - Bawumia Tells NDC

Dr Mahamudu Bawumia has described Ghana as a HIMIC country due to the reckless management of the economy.

  • Published:
NPP Vice-Presidential candidate, Mahamadu Bawumia play

NPP Vice-Presidential candidate, Mahamadu Bawumia

24/7 Live - Subscribe to the Pulse Newsletter!

NPP Vice-Presidential candidate, Mahamadu Bawumia has stated that Ghana is no longer described as a Highly Indebted Poor Country (HIPC), rather we are now a Highly Indebted Middle-Income Country (HIMIC) because of the NDC’s recklessness, incompetence and sanctioned corruption.

Dr Bawumia said the most significant reason Ghana resorted to the International Monetary Fund (IMF) for a bailout is because of unsustained borrowing and debt stock.

According to Dr Mahamadu Bawumia however, at 67% of GDP, Ghana’s debt stock has crossed the critical 60% of GDP level that developing countries with limited access to capital flows should worry about in terms of debt sustainability.

He said Ghana also received $4.2bn in debt-relief after completing the unpopular Highly Indebted Poor Countries (HIPC) programme. NDC Are Smart Drunkards - Dr. Bawumia

With the discovery of oil in 2007, there was international confidence that Ghana was ready to take off, he added.

“One can only shudder to think what “not so smart borrowing” would look like. The Minister of Finance has also recently stated that the increase in the debt stock “is not our fault”. Really? When it was this same government that responded to warnings on the rate of borrowing by saying it had the capacity to borrow and would continue borrowing? How then can it not be their fault? Who increased the debt stock by GHC66.6 billion in six years? Is it the fault of some dwarfs? Who did the “smart borrowing?” he asked.

Read Full Statement of Dr. Bawumia's Speech

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos





Top Articles

1 Christmas Hamper Nana Addo rejects $500,000 from corporate organisationbullet
2 Francisca Oteng-Mensah 24 year old MP complains about unbearable...bullet
3 Asantehemaa's Death Funeral of Asantehemaa underway [Photos]bullet
4 Manhyia Palace One shot, several collapse at Asantehemaa’s funeralbullet
5 Asantehemaa's Death I'm homeless; Otumfuo Osei Tutu II pays...bullet
6 Asantehemaa’s Funeral Nana Afia Kobi to be buried with gold...bullet
7 Corruption I'll make sure Opuni goes to jail - Kennedy Agyapongbullet
8 Ghana Armed Forces Army chief charged with pick-up theftbullet
9 Asantehemaa's Funeral Mahama, MPs mourn Asantehemaa [Photos]bullet
10 Nayele Cocaine Saga Nayele Ametefe's assets...bullet

Top Videos

1 In Zimbabwe President Mugabe’s 70 year-old aide marries his 23-year-old...bullet
2 Refugee Ghanaian to lose fingers after 7-hour trek to cross US borderbullet
3 Vitiligo Enam Honya - is challenging what you think about beautybullet
4 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
5 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet
6 Obinim saga We had sex only once - Obinim victims confessbullet
7 Video Taxi driver terrified after an encounter with a ghostbullet
8 Kwame Nkrumah Interchange Water leaks from hole in wall at...bullet
9 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
10 Bishop Obinim Saga Teenagers disciplined by Obinim...bullet

News