Former President John Agyekum Kufuor has revealed why he led the country to adopt the Highly Indebted Poor Country (HIPC) initiative even though his cabinet at the time disagreed with the move.
According to the former President, the country’s economic status when he took office in 2001, needed the swift and immediate HIPC intervention but his Ministers, as well as some economists at the time, disagreed to joining the program, for fear of exposing the country’s insolvency before the whole world.
But a meeting with two ladies from Britain, Baroness Valerie Amos and Clare Short who both served in the British government influenced him to adopt the HIPC initiative to save the country, ABC News can confirm.
Speaking at the launch of a transnational education partnership program between MountCrest University and the school of Oriental and African Studies in the Eastern Region, the former President noted that the two ladies convinced him on the grounds that Britain will support Ghana to clear its loan indebtedness of £ 50 miilion GBP should his government activate the initiative.
“Early 2001, 2002, we would remember the state of the economy of our country and also the fact that the policy of HIPC was not popular at all. That time, I was privileged as the President of Ghana, to meet two ladies from Britain, one of the ladies was our guest of honour, Baroness Amos. I will let you know that even though the situation demanded the adoption of that policy, the Highly Indebted Poor Country (HIPC) initiative, not even my cabinet readily accepted it
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