According to Mr. Stephen Ntim, Chairman of the New Patriotic Party, the National Democratic Congress administrations that succeeded President John Kufuor increased Ghana’s debt stock the highest.
At a news conference on Tuesday, April 4, 2023, Mr. Ntim stated: “This government has overborrowed, which is one of the core accusations of the NDC’s bogus State of the Nation address. Although that is untrue, the NDC keeps saying it.
The NDC likes to promote this false information by calculating our debt stock using nominal figures in order to conceal their record-breaking rate of debt buildup, he claimed. The rate accumulation is the best method to calculate our debt in order to determine which government has borrowed more.
The party claims that in 2001, previous President Kufuor inherited a debt stock of roughly GHS5.4 billion and increased it by about 81 percent.
The NDC, it noted, “inherited a debt stock of GHS 9.7 billion in 2009; by 2016, they increased it to GHS 122 billion. That represents 819 per cent growth in the debt stock”.
According to Mr. Ntim, “the NDC characterises the NPP government as having over-borrowed, has added just around 304 percent to the debt stock.”
According to Mr. Ntim, “the cost of the banking sector cleanup, energy sector debt payment, and Covid-19 debt” make up the 304% of the overall acquired debt under this government.