NPP MPs Claim NDC Increased Ghana’s Debt by Over 261% in Eight Years

NPP MPs refute claims suggesting their administration has borrowed excessively compared to the NDC, asserting that the NDC increased Ghana’s debt by over 261% during their governance, while the Akufo-Addo government saw only a 68% increase. They contend this indicates superior debt management by the current administration.

Members of Parliament from the New Patriotic Party (NPP) have disputed claims suggesting that the Nana Addo Dankwa Akufo-Addo administration has borrowed more than previous National Democratic Congress (NDC) governments. During a press conference held on March 13, 2025, the Minority Caucus highlighted findings indicating that a considerable amount of Ghana’s total debt was accrued during the NDC’s eight years in power prior to the Akufo-Addo administration.

Dr. Gideon Boako, the MP for Tano North, presented a statement on behalf of the caucus, asserting that the nation’s debt escalated by over 261% during the eight years of NDC governance, specifically under Presidents John Dramani Mahama and the late Prof. John Evans Atta Mills. In contrast, he noted that the debt increased by merely 68% during the eight years of Akufo-Addo’s leadership.

Dr. Boako elaborated on the topic, stating, “The discourse surrounding Ghana’s debt profile from 2009 to 2024 is both multifaceted and pivotal.” He explained that, following the HIPC completion and external debt relief, Ghana’s public debt, which was $8.07 billion in 2008, rose dramatically to $29.2 billion by 2016, representing a threefold rise. This reflects an annual average increase of 32.75% under the NDC government from 2009 to 2016.

Furthermore, he indicated that the national debt expanded from $29.2 billion in 2016, culminating at $52.3 billion by the end of 2023, before decreasing to $49.3 billion post the debt restructuring program. This indicates an increase of approximately 68.83% under the NPP, a considerable contrast compared to the NDC’s record.

The NPP government has been credited with maintaining a significantly lower rate of debt growth, averaging 8.6% annually since 2017, compared to the higher rate experienced during the NDC’s tenure. Dr. Boako remarked on this trend, concluding that the lower growth rate reflects superior economic management by the NPP, emphasizing that “the NDC, in eight years, increased Ghana’s public debt stock by 261.83%, while the NPP… increased it by 68.83%.”

In summary, the NPP MPs assert that the NDC significantly increased Ghana’s debt during their period in office, with a reported growth rate of over 261%. In contrast, they posit that the Akufo-Addo administration has managed to keep debt growth at a much lower rate of 68%. This analysis underscores the claims of better economic management under the current administration, even amidst global financial challenges.

Original Source: www.ghanaweb.com