A recent analysis by Samuel Huntor, journalist of Original TV has sparked discussions about the performance of Ghana’s economy under the New Patriotic Party(NPP) administration, led by Nana Addo Dankwa Akufo-Addo and Dr. Mahamadu Bawumia as the head of the economic management team. Samuel Huntor compared Bawumia’s pre-2016 election economic lectures to the current state of the economy, questioning whether Ghana’s financial health has improved or deteriorated under the NPP government.
According to Huntor, Bawumia indicated in his lecture in 2016 that the Ghana debt-to-,GDP ratio was 56%, and that was what they inherited from John Dramani Mahama in 2017. However, by the end of 2024, the World Bank reported that Ghana’s debt-to- GDP ratio had surged to 104%,. raising concerns about the country’s fiscal sustainability.
Inflation was another issue Bawumia addressed in his past lectures. Under Mahama, inflation stood at 15.4%, with projections of achieving single-digit inflation due to an IMF backed economic program. However, under the NPP government, inflation rose to 23% by 2024, signalling worsening economic conditions.
Public debt also saw a significant increase. In 2016, Ghana’s public debt was 120.2 billion Ghana Cedis, but by December 2024, it has ballooned to GHS 800 billion, according to Huntor. Similarly, Ghana’s exchange rate under President Mahama was GHS4.2 per USD, but by the time the NPP left office in 2024,.it had depreciated to GHS16 per USD.
Huntor further alleged that during the lecture, Dr. Mahamadu Bawumia criticised John Dramani Mahama of taking loans, they themselves borrowed heavily. He claimed that within their first three months in office, they secured a Eurobond using the strong credit rating left by the NDC. However, by the end of their tenure, Ghana’s credit rating had deteriorated to the point where the country could no longer secure new loans.
The journalist’s analysis raises critical questions about the economic trajectory of Ghana under the NPP government. He left the conclusion for readers and listeners to judge between the NDC and NPP who left strong economy.
Watch video of Samuel Huntor here(14 mins): Facebook link