A stalwart of the ruling New Patriotic Party (NPP) Gabby Asare Otchere-Darko says despite Ghana’s ballooning debt stock, the country’s economy is being managed better under President Akufo-Addo than former President John Mahama did.
Ghana’s debt stock has shot up from GHS122.2 billion at the end of 2016 to GHS236 billion at the end of March 2020.
The increase means that Ghana has added 16.9 billion cedis between January to March of 2020.
The figures contained in the Central Bank’s Summary of Economic and Financial Data represents an increase of 59.3 per cent of the GDP.
The debt stock for the domestic side stood at 111.3 billion cedis, while the external component of the debt reached 124.8 billion cedis.
But in a Facebook post, Mr Otchere Darko who is also a cousin to President Akufo-Addo stated that despite a huge 93.1% increase, Ghana is seeing the lowest rate of debt accumulation under any government since President Kufuor handed over to President Atta Mills.
“Ghana’s debt stock now stands at GHS236 billion (including the cost of the banking crisis) – from GHS122.2 billion at the end of 2016. That is a huge 93.1% increase. Yet, we are seeing the lowest rate of debt accumulation under any government since President Kufuor handed over to President Atta Mills.
“The incontestable facts are that Ghana’s debt stock has been managed far better under the Akufo-Addo government than the previous 8 years under the NDC.
“For example, between Jan 2009 and Jan 2013, Ghana’s debt stock increased by 267%, from GHS9.7 billion to GHS35.6 billion, respectively. Between Jan 2013 and Jan 2017, the increase was 243% – from 35.6 billion to 122.2 billion cedis.
“We still have 7 months to go to know where it will end us, but as of March 2020, the increase in debt stock since the NPP took office had been kept under 100%. The NDC average was 255% every 4 years.
“The economy, in short, and in truth, is being managed far better now under Akufo-Addo than we all saw under John Mahama. Just for the records…”