New Patriotic Party (NPP) MPs claim that during the eight years of National Democratic Congress (NDC) governance, Ghana’s debt increased by over 261%. They argue that the Akufo-Addo administration only raised the debt by 68%. Key statements were made by Dr. Gideon Boako, highlighting contrasting debt management between the two parties.
Members of Parliament (MPs) from the New Patriotic Party (NPP) have dismissed allegations suggesting that the government led by Nana Addo Dankwa Akufo-Addo has borrowed more than prior administrations of the National Democratic Congress (NDC). In a press conference held on March 13, 2025, the Minority Caucus indicated that a substantial portion of Ghana’s national debt accrued during the NDC’s eight years in power preceding the current administration.
Dr. Gideon Boako, MP for Tano North, presented a statement which claimed that Ghana’s total debt increased by over 261% during the NDC governance under President John Dramani Mahama and the late Prof. John Evans Atta Mills. He contrasted this with the Akufo-Addo administration, which saw a mere 68% increase in debt during its tenure.
He elaborated on the trends, noting, “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 rose from $8.07 billion in 2008 to $29.2 billion by 2016, reflecting a cumulative increase of approximately 261.83% during the NDC’s term, averaging a 32.75% annual increase.”
Additionally, he remarked that public debt had escalated from $29.2 billion in 2016 to $52.3 billion by the close of 2023, subsequently decreasing to $49.3 billion due to a debt restructuring initiative. This constitutes an overall increase of about 68.83% under the NPP, signifying a significant difference in debt management between the two administrations.
Dr. Boako further defended the current administration, asserting that the NPP has contributed an average of only 8.6% to Ghana’s debt annually from 2017 onward. This rate is markedly lower compared to the NDC’s 32.75% annual increase, indicating, in his view, superior economic management by the NPP despite facing global financial obstacles.
In conclusion, he reinforced that “the NDC increased Ghana’s public debt stock by 261.83% in eight years, while the NPP under President Akufo-Addo increased it by 68.83%.”
The debate surrounding Ghana’s national debt is complex and indicative of contrasting fiscal policies between the NDC and NPP administrations. The NPP MPs, led by Dr. Gideon Boako, assert that the substantial accumulation of debt occurred under the NDC, denoting a significant increase of over 261% compared to a mere 68% under the current administration. This discourse emphasizes varying approaches to economic management over the years and highlights the implications for Ghana’s financial health going forward.
Original Source: www.ghanaweb.com
