How Asantehene Stepped In To Help In Ghana’s $4 Billion Debt Cancellation. Full Story..

According to Ghana’s former President John Agyekum Kufuor, the prompt intervention of Asantehene Otumfuo Osei Tutu II ensured Ghana’s exit from the Highly Indebted Poor Countries (HIPC) initiative in record time, leading to debt relief of approximately $4 billion from the country’s external creditors.

On February 22 and 26, 2002, the International Monetary Fund (IMF) and the International Development Association (IDA) of the World Bank Group agreed to support a comprehensive debt reduction package for Ghana as part of the enhanced HIPC initiative.

However, as per the former President, Ghana would have missed out on the benefits of the program, had Otumfuo not made a last-minute intercession.

Speaking when a delegation from the E ON 3 Group and its key partners presented the Otumfuo commemorative gold coin to him at his residence in Accra on January 7, 2022, the former President explained that, in spite of the fact that his administration endeavored to reach at the consummation point of the HIPC program, it faced a significant challenge, as the leading team of the IMF, which was meeting in Washington, USA, decided against the country’s exit because the government failed observe the conditionality of not increasing wages and salaries.

Consequently, the IMF decided to delay the country’s exit for a year, which could have had devastating effects.

Mr. Kufuor stated that the Asantehene was in Washington coincidentally at the invitation of the World Bank President at the time, James D. Wolfensohn.

“At that point, I decided to send a message through the Juabenhene, Nana Otuo Siriboe II, who was travelling to the USA to join the Asantehene on his trip, to get the King informed of the development in order to get his friend Mr Wolfensohn to work something out with the IMF on the development.

“Nana Juabenhene stepped out of my office and phoned Otumfuo who immediately called me and we had a conversation and I pleaded with him to get Mr Wolfensohn to talk to the IMF on the assurance that we will correct the anomaly. Otumfuo did that leading to the debt relief,” Mr Kufuor stated.

The Asantehene’s meritorious contribution to resolving the Dagbon crisis was also mentioned by the former President.

Asantehene Was A Great Help To President Akufo-Addo In Bringing Peace To Dagbon

He said when the Dagbon crisis broke out in 2002, he, as President, set up the Wuaku Commission to go into the criminal part of the episode, but he understood that the issue was well established in tradition.

“I decided that, apart from the criminal aspect, the traditional aspect should also be tackled using our traditional leaders. So, I appealed to three traditional rulers of high repute – Asantehene, Nayiri and Yagbonwura – for help which they readily accepted leading to the realization of the peace process during the Presidency of Nana Akufo-Addo,” Mr Kufuor stated.

Consequently, the former president stated that it was appropriate to honor the Asantehene with the gold coin.