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Ghana - HIPC Approval Document Completion Point under the Enhanced Framework
On July 13, 2004, Ghana became the 11th of the regional member countries (RMCs) that have reached the Completion Point under the enhanced HIPC Initiative. As a result, the Boards of Directors of the IMF and the World Bank confirmed approval of US$ 2,186 million worth of debt relief in end-2000 NPV terms for the country as agreed at the decision point in February 2002 under the enhanced HIPC framework1 . After HIPC assistance, Ghana’s NPV of debt to exports ratio as at end 2003 is estimated at 125 percent, well within the threshold of 150 percent, while similarly its NPV of debt to revenue ratio stands at 118 percent, also substantially below the 250 percent threshold2 . This indicates that Ghana’s debt is sustainable, and the projected ratios are likely to remain below their respective HIPC thresholds.