Are you referring to hgh as a legal supplement (hgh elevators) or the illegal steroid versions?
Yes, it does have a positive effect of bodyfat reduction although it is very expensive to run a course. There are side effects too, the more serious ones being abnormal bone growth and also growth of internal organs... the distended belly look. This is why you see a lot of Pro's with very wide jaws, lopsided ears etc. I have recently seen photos of
Jay Cutler suffering from this; just look at photos of his face from 3 years ago and compare them with recent ones of him. See what I mean?!