The Governor of the Bank of Ghana, Dr. Henry Wampah has rubbished reports that the country has officially been classified a Highly Indebted Poor Country (HIPC).

Sections of the Ghanaian media reported Monday that the current debt stock meant the West African country had slumped into a HIPC status.

Ghana's total public debt rose to 94.5 billion cedis ($23.7 billion) by end-June, equivalent to 71 percent of gross domestic product (GDP), up sharply from 67 percent the previous month due to currency depreciation.

However, speaking on Monday at the central bank’s Monetary Policy Committee press conference, Dr. Wampah said despite Ghana’s public debt reaching an all-time high it does not mean the country is HIPC.

According to him, “HIPC is a conscious decision by a country and not just on assertions.

“You can say that it [Ghana’s debt] has reached levels of pre-HIPC levels but you can’t say we are HIPC. To go HIPC is a decision by government, it’s not automatic that at some level you should go HIPC.”

Meanwhile, the government has launched a debt restructuring strategy which focuses on the issuance of more long-term securities, mostly of five- and seven-year maturities.

It plans to issue a fourth Eurobond of up to $1.5 billion this month to fund spending and refinance part of the debt.