The opposition National Democratic Congress (NDC) claims that since taking office in 2017, the government has overborrowed, while the ruling New Patriotic Party (NPP) disputes this.
The NPP claims that it is a fabrication made by the NDC to harm the party's reputation for political gain.
The National Chairman of the NPP, Stephen Ayesu Ntim, stated the NPP administration has managed the economy better than the NDC would have at a news conference held today (April 4, 2023) in Accra.
According to him, Ghanaians would have had a worse situation if the NDC had been in power.
"This administration has overborrowed, according to one of the main accusations of the NDC's fabricated state of the country speech. The NDC maintains saying this even though it is untrue, Mr. Ntim pointed out.
He claimed that in order to conceal their [NDC's] historically high pace of debt creation, the opposition NDC enjoys spreading false information by calculating the debt stock using nominal values.
He contends that analysing the pace of accumulation is the most accurate approach to determine which government has borrowed the most debt.
According to Mr. Ntim, previous President Kufuor inherited a debt stock at around GH5.4 billion in 2001 and increased it by almost 81 percent.
According to Mr. Ntim, the NDC took over a debt stock of GHc 9.7 billion in 2009; by 2016, they had raised it to GHc 122 billion, which "represents 819 percent rise in the debt stock."
According to him, the NPP government, which the NDC claims has overborrowed, has increased the debt stock by just about 304 percent, and that "the 304 percent of the total accumulated debt under this government includes the cost of the banking sector cleanup, energy sector debt payment, and Covid-19 debt."
By declaring, "We handled the Cedi better before the epidemic and the War," he also suggested that the Akufo-Addo led-NPP administration had performed better than the NDC at managing the country's Cedi. The Cedi was administered by the NPP, whose average depreciation rate was 6.8% compared to the NDC's record of 18% average depreciation from 2013 to 2016. from 2017 to 2021."
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