Accra, Feb. 11 - The British government has agreed to release 6.7 million pounds, representing a total of 108 billion cedis in aid grant to Ghana under the Highly Indebted Poor Country's (HIPC) Initiative. The grant would be disbursed as additional direct support to the Budget of Government of Ghana.

A statement issued by the British High Commission and made available to the Ghana News Agency, said under the British Finance Minister's 2001 initiative for Heavily Indebted Poor Countries (HIPC) Initiative "the Chancellor pledged to "hold in trust" any sums of money for servicing debt received by the UK from eligible HIPC countries. "These amounts are recycled to countries once they have made a commitment to poverty reduction and reached Decision Point under the HIPC Initiative", it said.

Additionally, a further 15 million pounds, that is 242 billion cedis would be disbursed by the end of April 2004, while a further 20 million pounds about 323 billion cedis would also be released depending on the outcome of the Joint Assessment Review later in the year.

In June 2003, the British government made available to the government of Ghana about 1.78 trillion cedis about 110 million pounds as direct budget support over three years to 2006.