NPP MPs have asserted that the NDC significantly increased Ghana’s debt by over 261% during their eight years in power, compared to a 68% increase under the Akufo-Addo administration. They present data indicating superior economic management by the NPP, arguing the annual debt growth rate has decreased notably under their governance.
Members of Parliament from the New Patriotic Party (NPP) have publicly challenged assertions that the current government, led by Nana Addo Dankwa Akufo-Addo, borrowed more heavily than prior administrations of the National Democratic Congress (NDC). During a press conference held on March 13, 2025, the Minority Caucus presented data indicating substantial debt accumulation occurred during the eight years of NDC governance leading up to the current administration.
Dr. Gideon Boako, the MP for Tano North, representing the caucus, disclosed that during the NDC government’s eight-year term under President John Dramani Mahama and the late Prof. John Evans Atta Mills, Ghana’s national debt surged by over 261%. In contrast, he indicated that the debt increased by only 68% during the eight years under President Akufo-Addo.
“The discourse surrounding Ghana’s debt profile from 2009 to 2024 is both multifaceted and pivotal. After achieving HIPC completion and external debt relief, Ghana experienced a significant drop in its public debt-to-GDP ratio. Nevertheless, the public debt skyrocketed from $8.07 billion in 2008 to $29.2 billion by 2016, reflecting a staggering growth rate of approximately 261.83% during the NDC tenure,” stated Dr. Boako.
He further explained that contrary to general perceptions, the public debt, which reached $29.2 billion in 2016, had increased to $52.3 billion by the end of 2023 but was subsequently reduced to $49.3 billion after a debt restructuring program. This represents an increase of approximately 68.83% under the NPP government, which is just over one-and-a-half times the debt stock.
Moreover, Dr. Boako argued that, unlike the earlier NDC trend, under the NPP administration, the annual debt growth rate has averaged 8.6% from 2017 to the present. This figure is significantly lower than the 32.75% annual increase that characterized the NDC’s management, underscoring the NPP’s superior economic stewardship despite prevailing global economic hardships.
In conclusion, Dr. Boako posited that in eight years, while the NDC escalated Ghana’s public debt stock by 261.83%, the NPP under President Akufo-Addo managed to increase it by only 68.83%, marking a stark contrast in fiscal responsibility between the two administrations.
In summary, the NPP MPs, led by Dr. Gideon Boako, have refuted claims of excessive borrowing by the current government compared to past NDC administrations. They assert that substantial debt accumulation occurred during the NDC period, with a much lower debt growth rate observed under the NPP. The analysis highlights a significant contrast in fiscal management between the two political parties, particularly in the context of economic challenges.
Original Source: www.ghanaweb.com
