NPP increased Ghana’s debt stock by 304% whiles NDC increased it by 819% — Stephen Ntim
Stephen Ntim, the National Chairman of the New Patriotic Party (NPP) has said the administrations of the National Democratic Congress (NDC) that took over from former President John Agyekum Kufuor added the most to Ghana’s debt stock.
According to him, Kufuor inherited a debt stock of approximately GH¢5.4 billion in 2001 and added about 81 percent.
He said the NDC “inherited a debt stock of GH¢9.7 billion in 2009; by 2016, they increased it to GH¢122 billion. That represents 819 percent growth in the debt stock.”
Addressing the media on Tuesday, April 4, 2023, Ntim stated that President Nana Addo Dankwa Akufo-Addo together with Vice President Dr. Mahamudu Bawumia must be commended for diligently managing Ghana’s economy.
According to him, despite the impact of COVID-19 and the effects of the Russia-Ukraine War and the country seeking a bailout from the International Monetary Fund (IMF), the NPP government must be lauded.
Stephen Ntim said “The plain truth is that this government has managed the economy diligently and well. The hardships we are experiencing in Ghana are being experienced everywhere because of the COVID-19 pandemic and the Russia-Ukraine War. Workers in some of the world’s biggest economies are demanding salary increases due to historic global inflation.”
He disclosed that the NPP government has added just about 304 percent to the debt stock of the country.
“The 304 percent of the total accumulated debt under this government includes the cost of the banking sector cleanup, energy sector debt payment, and COVID-19 debt,” Ntim noted.
“Official data from the Ministry of Finance shows that the nominal debt stock increased by 50% from 2013 to 2014 under Ex-President John Mahama. For example, if Ghana owed GH¢80 billion in 2013, the John Mahama administration added 40 billion cedis, making it GH¢120 billion in 2014 alone,” he added.
He said: “Yes, Ghana has a debt challenge, but it is inaccurate for the NDC to suggest that this government has over-borrowed. This misinformation was captured on page 4 of the NDC’s press statement.”
Earlier, Ken Ofori-Atta, the Minister of Finance warned of dire consequences if Ghana fails to secure a deal with the IMF in March.
He said the Ghanaian economy will collapse if the country fails to secure a deal with the Bretton Woods institution.
