President John Agyekum Kufuor has defended his decision to take the country to join the Highly Indebted Poor Countries (HIPC) Initiative. He said the decision yielded tremendous benefits to the country and propelled the economy from its moribund state to one of immense hope. Delivering his last State of the Nation Address to Parliament on Thursday, February 14, 2008, President Kufuor said the sky rocketing rate of inflation, crippling interest rate and debilitating debt profile of the Tema Oil Refinery (TOR) left the government with no choice but to go HIPC. According to him, TOR was blacklisted and refused crude oil supplies, a situation that had far reaching implications for the economy. The economy today, he stressed, “is strong and resilient”. On the discovery of oil in commercial quantities, the president said the discovery was the biggest blessing to the country. To prevent the unfortunate situation where the discovery of oil in some African countries has tended to be a curse rather than a blessing, President Kufuor said an inter-ministerial committee had been set up to provide regulatory framework within which oil revenue would be expended. For him, the revenue that would come from oil sales will reduce the country’s dependency on external donor support thereby boosting its confidence. Touching on the just ended Ghana 2008 tournament, the president expressed delight at the enthusiastic support that the Black Stars received during the games. “Ghanaians are displaying a strong yearning to be the best”, he noted, adding that although Ghana did not win the Cup, Ghanaians ought to be proud of the bronze medal as the hosting of the most exciting tournament in the Nations Cup’s history. Veering off from sports, the president said the government had achieved accelerated economic growth, preparing the grounds for an industrial take off. Appearing more relaxed and jovial the president recounted his days as Member of Parliament and urged politicians to conduct an issue-based campaign in the run-up to the December general elections which he hoped the New Patriotic Party (NPP)will win.