President of UT Holdings, Prince Kofi Amoabeng has questioned the rationale behind the recent economic debate about the state of the economy. The Member of Parliament for Akwapim South in the Eastern Region, Osei Bonsu Amoah is reported to have said Ghana is broke and needed to file for bankruptcy if it cannot finance ongoing projects in the country. But his claim has since been refuted by the Minister of Finance Seth Terkper who insisted that Ghana is not broke. However, Kofi Amoabeng is of the view that the ensuing argument was needless. According to him, Ghana has always been broke. Speaking to Joy News' Francisca Kakra Forson, the business mogul said Ghana's joining of the Highly Indebted Poor Countries (HIPC) was “a declaration of being broke”. His analogy was that even under HIPC, the country's sole airline, Ghana Airways, was shaky but in a rebased middle income economy, the airline has collapsed. He questioned how Ghana could move from HIPC to a lower middle-income simply by rebasing of the economy. He said HIPC was meant to write off Ghana’s debt stock. But many have argued that the country's debt has rather ballooned. The debt level informed the MP for Old Tafo and a former Minister of State at the Finance Ministry, Dr. Akoto Osei's description that Ghana’s debt is running faster than Usain Bolt. For Kofi Amoabeng, the MP was only expressing popular sentiment of Ghanaians that the country has “not quite” learnt essential lessons after going HIPC, citing corruption as the underlying factor for the country’s economic challenges.