Ghana's progress under HIPC makes a strong point for debt relief

Accra, March 28, GNA - A US Congressional delegation led by Mr Frank Barney from Massachusetts on Friday gave high marks to Ghana for efficient management of resources from the Highly Indebted Poor Countries (HIPC) Initiative.

The spectacular progress made under the Initiative, they said, had presented them with a strong point as they worked on the next round of debt relief for other countries.

The 21-member delegation from the House Financial Services Committee is in the country to discuss the economy and the Government's on-going efforts to reduce poverty and promote growth. The Committee, which has jurisdiction over international financial institutions, would be discussing Ghana's relationship with bodies like the International Monetary Fund (IMF), World Bank and the African Development Bank with Ministers, technocrats, Parliamentarians and civil society.

Mr Barney said they were impressed with the nation's strong performance on both the economic and political fronts. "Your flourishing democracy has come with striking economic progress, growth and efficiency," he added. President Kufuor said Ghana would continue to count on the friendship and support of the US as it took giant steps towards development.

He drew attention to the need for the world's largest economy to use financial sector initiatives to encourage more American investors to partner Ghanaians to take advantage of the US and other markets. Referring to the HIPC Initiative, President Kufuor observed that the bold decision helped to open the floodgates of good fortunes for the country.

Twenty per cent of the HIPC relief was used to reduce domestic indebtedness and the remaining for social services delivery. President Kufuor, in response to a question by one of the delegates as to the sort of assistance the US could give to end the Sudan Darfur crisis said it should back the Security Council with equipment and funding to make the peacekeepers move in quickly to stop the atrocities.