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

The New Patriotic Party (NPP) MPs claim that the National Democratic Congress (NDC) increased Ghana’s debt by over 261% during its governance, while the NPP’s increase has been only 68%. Dr. Gideon Boako presented data indicating the NDC’s higher rates of debt accumulation compared to the NPP, emphasizing their belief in superior economic management despite global economic conditions.

Members of Parliament (MPs) from the New Patriotic Party (NPP) have contested assertions that the government of Nana Addo Dankwa Akufo-Addo borrowed more extensively than prior administrations of the National Democratic Congress (NDC). During a press conference held on March 13, 2025, the Minority Caucus presented data indicating that a substantial amount of Ghana’s total debt was incurred during the eight years of NDC governance before the current administration.

Dr. Gideon Boako, the MP for Tano North, articulated on behalf of the caucus that during the NDC’s governance, the nation’s debt stock rose by over 261%. In comparison, he noted that under the Akufo-Addo administration, the debt stock experienced a modest increase of only 68% over its eight-year period.

Dr. Boako elaborated on Ghana’s evolving debt profile, noting that following Ghana’s completion of the HIPC and achieving external debt relief, the nation saw a decline in its public debt-to-GDP ratio. Nevertheless, from $8.07 billion in 2008, public debt escalated to $29.2 billion by 2016, reflecting a growth rate of approximately 261.83%. This average annual increase translates to 32.75% per year during the NDC’s tenure between 2009 and 2016.

He clarified that despite common perceptions, the public debt had risen from $29.2 billion in 2016 to $52.3 billion by the end of 2023, with a subsequent reduction to $49.3 billion due to a restructuring effort. This indicates an overall increase of around 68.83% under the NPP, which constitutes a little over one-and-a-half times the public debt stock.

Dr. Boako further pointed out the difference in annual debt accumulation rates, stating that the NPP administration averaged only 8.6% in debt growth per year from 2017 onward, a stark contrast to the 32.75% annual increase noted during the NDC era. He concluded that this significant disparity reflects superior economic management by the NPP, even in the face of global economic obstacles.

In summary, the New Patriotic Party (NPP) MPs have effectively challenged the narrative regarding government borrowing in Ghana. They assert that the National Democratic Congress (NDC) significantly increased the country’s debt stock by over 261% during its tenure, compared to the NPP’s more modest increase of 68% under President Akufo-Addo. The discourse highlights key differences in fiscal management between the two administrations, suggesting that the NPP has managed national debt more conservatively over the past several years, amidst a complex economic landscape.

Original Source: www.ghanaweb.com