Ghana to save US $558m through HIPC ... over next 3 years

It has been projected that Ghana will save about US $558 million in annual debt service payments between next year and 2004, through the Heavily Indebted Poor Country (HIPC) debt relief initiative, writes the High Street Journal (HSJ).
According to estimates drawn up by the Institute of Statistical, Social and Economic Research, (ISSER), some US $183 million could be saved next year, US $179 million in 2003 and US $183 million in 2004.
In nominal terms, debt service payments of US $397 million in 2000 would be reduced to US $155 in 2002 after HIPC assistance. The assumption of the delivery of assistance is based on a decision point in December 2001 and a completion point in December 2004, at which all creditors would deliver the rest of the debt relief.
Ghana opted to join the HIPC debt relief initiative after an IMF/World Bank team carried out a debt sustainability analysis.