"Osafo-Marfo only being flattered" - Agbesi

Ashaiman (Greater Accra) -- Mr. Alfred Agbesi, a lawyer has said foreign institutions only named Yaw Osafo-Maafo as the world' second best Finance Minister because he allowed Ghana to join Highly Indebted Poor Countries (HIPC) initiative.

Ghanaians do not see it that way because, "Back at home, we have started feeling the pinch of the conditions attached to the HIPC initiative, and Ghanaians would feel it more when we reach the last stage of HIPC process", he said.

Mr Agbesi, speaking at Ashaiman Youth Coalition forum on the theme: "Democracy, good governance and its influence on the youth", on Saturday said it is not surprising that the Bretton-Wood institution, who lived in a different environment should make such a comment to make Mr. Osafo-Maafo swollen headed.

Those grading the Ghanaian Minister are top managers who do not go to the same market with the ordinary people of this country, who feel the harsh economic conditions and the realities on the ground.

Mr Agbesi said since the International Monetary Fund (IMF), the World Bank and the European Union made Ghana to join HIPC under pressure, they have to shower praises on those who led the country into it, so that they will apply the harsh and unfavourable conditions attached to the letter.

He explained that HIPC initiative, which was set up in 1996 requires countries to stay in line with the World Bank and the IMF's directed economic policies for three years.

Once that has been achieved, the country reaches a "decision point" to draw up a "Poverty Reduction Strategy Paper (PRSP) and carry it through along with institutional reforms for a full year.