Member of Parliament for Tano North, Dr. Gideon Boako
Members of Parliament (MPs) from the New Patriotic Party (NPP) have refuted claims that the Nana Addo Dankwa Akufo-Addo government borrowed more than previous National Democratic Congress (NDC) administrations.
Addressing a press conference on Thursday, March 13, 2025, the Minority Caucus stated that data shows a significant portion of Ghana’s total debt was accumulated during the eight years of NDC governance preceding the Akufo-Addo administration.
MP for Tano North, Dr. Gideon Boako, reading a statement on behalf of the caucus, asserted that the country’s debt stock increased by over 261% during the eight years of the NDC government, led by President John Dramani Mahama and the late Prof. John Evans Atta Mills.
In contrast, he stated that during the eight years of the Akufo-Addo government, Ghana’s debt stock increased by only 68%.
“The discourse surrounding Ghana’s debt profile from 2009 to 2024 is both multifaceted and pivotal. Following the attainment of the HIPC completion and external debt relief, Ghana witnessed a remarkable decline in its public debt-to-GDP ratio. However, the public debt, which stood at $8.07 billion in 2008, surged to $29.2 billion by 2016, marking a more than threefold increase. Cumulatively, this represents a growth rate of approximately 261.83% in the total public debt stock. This means that, on average, the NDC government added 32.75% to Ghana’s debt stock annually between 2009 and 2016,” he stated.
“Contrary to public perception, the public debt, which stood at $29.2 billion in 2016, increased to $52.3 billion by the end of 2023 and further reduced to $49.3 billion following the debt restructuring program. This marks a little over one-and-a-half times increase in the overall public debt stock under the NPP, representing an increase of approximately 68.83%,” he explained.
Dr. Boako further argued that, unlike the trend between 2009 and 2016, the NPP government has added an average of 8.6% to Ghana’s debt stock each year between 2017 and the present a significantly lower rate compared to the 32.75% annual increase recorded under the NDC.
“This significantly lower rate compared to the NDC administration suggests superior economic management by the NPP, even amidst global economic challenges. The NDC, in eight years, increased Ghana’s public debt stock by 261.83%, while the NPP under President Akufo-Addo increased it by 68.83%,” he concluded.
BAI/MA
Also, watch the latest Twi News on GhanaWeb TV below:
You can also catch the latest episode of #Trending GH, showcasing Ghanaians’ reactions to the government’s decision to abolish the E-Levy and COVID-19 Levy>/b>