“Per our current total public debt of GH¢258.8 billion, that is as at June 2020, every Ghanaian in Ghana today will have to pay about GHS10,000” according to National Democratic Congress (NDC).
Addressing a press conference in Accra, the party’s Communications Officer, Sammy Gyamfi said said the Akufo-Addo-led New Patriotic Party (NPP) government has added a whopping GH¢38 billion to Ghana’s Public debt in only three and half years.
This, he indicated is to blame for the deteriorating socio-economic conditions in the country.
Sammy Gyamfi claimed that, Ghana’s current debt-to-GDP ratio of 76.7% exceeds the acceptable debt threshold.
“Our current debt position is worse than where we were when we joined the HIPC [Highly Indebted Poor Country] debt relief programme in the year 2001, at which time our debt-to-GDP ratio stood at 61%,” he stated.
The New Patriotic Party (NPP) which accused the NDC of increasing Ghana’s debt stock has done worse in just four years.
Sammy Gyamfi explained that, the debt under President Akufo-Addo is more than all successive governments since independence in 1957.
“President Akufo-Addo has added more debt; a whopping ¢138 billion and still counting to Ghana’s public debt in only three and half years, far more than any government has done in the history of this country, and far more than all successive governments since independence” Mr Gyamfi said.
The NDC National Communications Officer noted that, government has been unable to show any significant or self-financing projects that their unprecedented borrowings have been used for.
The only cure for this, he stated is for Ghanaians to vote massively for the NDC and former President John Mahama in the December general elections.