MORE TO LIFE THAN COFFEE AND BANANAS

THE World Bank supports a decision by Ghana to opt for the Heavily Indebted Poor Countries (HIPC) initiative and will drum up financial support for the West African country, a senior World Bank official said. Ghanaian officials believe more than 65% of the country’s $6bn external debt could be written off in five years as a result of its joining the HIPC initiative. The move has been criticised by trade unions and the opposition. The Bank said African countries should work to diversify their economies and gain greater access to developed markets. ”The future definitely doesn’t lie in exporting unprocessed coffee and cocoa and bananas,” the Bank said. – Reuters