NDC: Ghana’s Current Debt Position, Worst Ever In 4th Republican History

---

The opposition National Democratic Congress (NDC) has launched a scathing attack against Nana Addo Dankwa Akufo-Addo government’s borrowing, describing it as the worst since 1992.

Communications Officer of the NDC, Sammy Gyamfi, said at a press conference on Wednesday, October 28, 2020, that when Nana Akufo-Addo was in opposition he promised to reduce borrowing but since he came to power, he has borrowed more than any government in Ghana’s history but has very little to show for the huge debts. Today, our current debt position is unsustainable and the worst ever in our 4th Republican history. Also, despite promising double digit economic growth annually at page 13 of his 2016 manifesto, overall economic growth rate, which stood at 3.4% as at December 2016, despite the drop in commodity prices on the international market and a huge drop in Oil production, is projected to drop to 0.9%- the lowest in the country’s fourth republican history. Again, despite promising to maintain fiscal discipline, Ghana’s Fiscal deficit has galloped and is projected to hit 16.4% by December 2020 with Covid-19 accounting for only 2.5%. This will be the worst fiscal deficit Ghana has ever recorded since independence.

As the crucial presidential elections on December draws near, each of the two main political parties have been trying to convince voters that they have right economic policies to govern the country. While the NDC is emphasising the huge borrowing under the current government, the governing NPP has been stressing that the debts are being used to key infrastructural projects. At the press conference on Wednesday, October 28, the NDC asked voters to reject the incumbent NPP under Nana Akufo-Addo.