World Bank And IMF Name Ghana Among Countries With High Debt

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Ghana has been named by the World Bank and International Monetary Fund (IMF) among the African-dominated heavily indebted countries.⁠

The heavily indebted poor countries’ list is a joint initiative by the World Bank and the IMF which was launched in 1996 which aims to ensure that no poor country faces a debt burden it cannot manage.⁠

This debt relief initiative works in such a way that multilateral financial organisations (including the IMF and the World Bank) work in partnership with governments across the world to lower external debts of impoverished countries to sustainable levels.⁠

Out of the 40 countries that are currently on this list, 34 are in Africa and they have a combined population of about 760 million people.⁠

There are a number of other requirements, including an established track record of the capability to grow out of poverty over time.⁠

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