Business in Ghana

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Posts Tagged ‘HIPC’

The Rains Came Down, and. Critical News, 11th October 2015

Posted by Business in Ghana on October 11, 2015

Sydney Casely-Hayford, sydney@bizghana.com

This week, it rained. Two days of not what you would call relentless downpour, but it rained. I say for a country that is in the tropical zone, it was normal rain for two days.

But as if to test the drains and the waterways that E&P has fixed, and as if to give us a chance to expose more corruption, the rains came down and the floods went up; the rains came down and the floods went up, and the storm drains came tumbling down.

If you remember that well-aged nursery rhyme you can hum the words and understand how much these little childhood songs were meant to shape our world and remind us every time of the simple things we must do in life. A stitch in time saves nine? Rain rain go away? They are worded for a reason; reasons we have washed under waterways because we don’t see the wisdom in them any more.

Many advisory dance tunes, relevant in today’s Ghana, will be made political in a few months as we skate unwillingly to another euphoric December, when we should be lamenting our popularity contest through an electoral register with registrants from the ECOWAS fraternity.

Nkrumah Circle as usual, was flooded to the hilt together with all the flood prone areas, and this wasn’t a major storm. I was caught in it for an hour between The Times junction and Nkrumah circle. When I arrived at the small bridge over the Odaw River, it was rising and starting to rapid. Even as I longed for a dinghy to float to the confluence of the Korle Lagoon, the stench that told me “cholera” reined in my adventurism and stopped me numb in my car seat. Read the rest of this entry »

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Out of HIPC, into HIPC, Out of HIPC. Critical News, 12th October 2014

Posted by Business in Ghana on October 12, 2014

Sydney Casely-Hayford, sydney@bizghana.com

What a crazy week. And next week threatens to be even better. Is this good crazy or strange crazy? Can crazy get better or does it just mesmerize because we don’t understand the implications of future crazy?

A Deputy Director of Fiscal Affairs Department at the IMF, Sanjeev Gupta countered a Government statistic and declared us HIPC in one single response to a questioner and for a few brief days until the IMF chickened out and did some damage control we were back to HIPC, with a debt to GDP ratio pitched at 71%. Government had calculated its figure at 55%.

Now the program sensitive bureaucrats at the IMF have placed the figure at 56% and rephrased Gupta’s glib remark as their estimate for the end of 2015. Read the detail from here. (http://www.citifmonline.com/2014/10/11/imf-exonerates-govt-over-debt-to-gdp-controversy/)

This controversy has mega spine implications for the people at the IMF. Without providing numbers to show how he arrived at his 71% ratio, which I will try and justify or refute later in this article, I kind of accepted the figure, based on available statistics and the state of events in the country.

I do however think it is time to get clear reference points when we place these numbers in the public domain, especially when they can be alarming and even cataclysmic.

But as an aside, I wonder if Gupta will be sent to another division. Read the rest of this entry »

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