Almost eight years after handing over power to the ruling New Patriotic Party (NPP), John Mahama says Ghana’s debt to external creditors has quadrupled.
According to the National Democratic Congress’ flagbearer, this debt, along with rising unemployment, has further exacerbated the plight of ordinary Ghanaians.
Speaking to the media on July 24, he illustrated that “In 2016, if you shared the public debt of GH₵120 billion among 30 million Ghanaians, each Ghanaian owed GH₵4,000. Today if you divide the debt of GH₵577 billion by 30 million Ghanaians all of us sitting here owe GH₵19,000.”
Ghana’s ballooning debt stock has raised concerns among economists, sparking fears about the nation’s financial sustainability and debt management even for successive governments.
With the debt at GH₵742 from GH₵680 billion in 2023, the experts warn that without strategic interventions and prudent fiscal policies, Ghana’s economic gains especially under the International Monetary Fund could be ruined.
Mr Mahama fears that Ghana’s inability to pay its debt has led to downgrading by credit rating agencies.
Additionally, rising inflation has forced Ghanaians to adopt the “001” approach, where “0” represents no meals and “1” indicates having had a meal.
Additionally, the NDC flagbearer said the debt levels was worrying as it hinder investment in social and economic development projects in the country.
Source: myjoyonline.com
