Many Ghanaians are alarmed by the significant rise in the national debt under the Akufo-Addo/Bawumia-led New Patriotic Party (NPP) government over the past eight years. During the last mid-year budget presentation to Parliament, the Finance Minister revealed that the national debt has surged by over 400%.
Mr. Collins Manu, chairman of the Leeds branch of the UK/Ireland chapter of the National Democratic Congress (NDC), who is in Ghana to support his party in the 7th December, 2024 general elections, expressed shock at Ghana’s unprecedented debt of over GHC 742 billion, a drastic increase from GHC 122 billion at the end of John Mahama’s administration in 2016.
He attributed this surge to reckless borrowing by the NPP, adding that this increase of over GHC 620 billion within eight years dwarfs the total debt accrued from Ghana’s independence in 1957 to 2016.
Ghanaians interviewed by The Daily Democrat before the final rallies of the two major political parties expressed doubts about the government’s claims of prudent borrowing. “I don’t understand how the NPP has borrowed this much, yet the country is in such a dire state. Are they hiding the money in foreign accounts?” one respondent asked. “They haven’t effectively implemented flagship policies like ‘One District, One Factory,’ ‘One Constituency, One Million Dollars,’ or even stabilized the economy.”
Mr. Manu shared these concerns, emphasizing that Ghanaians have not seen value for the billions borrowed under the NPP. “It has been one scandal after another,” he said, citing the unaccounted GHC 52 billion in 2020 and the Bank of Ghana’s reported GHC 60 billion loss. He also criticized the $58 million spent on the controversial National Cathedral project, calling it emblematic of mismanagement and misplaced priorities.
The government’s claims of spending GHC 2.9 billion on the “Planting for Food and Jobs” initiative also came under scrutiny. Despite these investments, food prices remain high, raising questions about the program’s effectiveness.
The chairman of the UK/Ireland highlighted the broader economic challenges facing Ghana, including the skyrocketing exchange rate, which has hit a record GHC 16.5 to the dollar, and inflation that has worsened living standard. Fuel prices and healthcare challenges persist, while the unemployment rate has reached an all-time high of 15.4%. Furthermore, he continued, Ghana’s economy has been downgraded to junk status by international rating agencies, exacerbating the hardship for citizens and eroding investor confidence.
Under the leadership of Dr. Mahamudu Bawumia, whom the NPP touts as an “economic wizard,” Collins argued that the economic mismanagement has sparked widespread discontent. “If these scandals had occurred under Mahama’s administration, there would have been a coup,” he remarked.
As the country prepares for tomorrow’s general elections, Collins urged Ghanaians to vote massively for the National Democratic Congress (NDC) to rescue the nation from the NPP’s mismanagement of affairs. “It’s time to send the elephant back to the bush,” he said, referencing the NPP’s symbol.
He concluded with an appeal to Ghanaians to vote for the NDC’s flagbearer, Mr. John Dramani Mahama, whom he described as a “nation builder” capable of resetting Ghana’s course. Collins called for transparency, accountability, and effective governance, emphasizing that the nation’s future depends on the choices made by its electorate.
