Ghana’s economy is safer with Akufo-Addo despite GHC236bn debt stock – Otchere-Darko
- A lawyer and political activist, Gabby Asare Otchere-Darko, has praised the strategy with which President Akufo-Addo has handled the economy
- He added that this is true despite the 93.1% increase in the public debt from GHS122.2 billion at the end of 2016 to GHS236 billion at the end of March 2020
- Otchere-Darko concluded that the government has managed the public debt better than the NDC during their 8 years in power
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Ghanaian political activist and lawyer, Gabby Asare Otchere-Darko, has argued that President Akufo-Addo has handled the economy better, compared to former president John Mahama.
According to him, this is the case despite the increase in Ghana’s debt stock from GHS122.2 billion at the end of 2016 to GHS236 billion at the end of March 2020.
Despite the 93.1% increase in public debt, Otchere-Darko is of the view that Ghana is currently witnessing its lowest rate of debt accumulation under any government since the change of leadership from former president Kufuor to former president Atta Mills.
READ ALSO: Bank of Ghana gives government GHC10 billion to close fiscal gap
He added that the management of the debt stock has been better than the situation in the eight-year period that the National Democratic Congress (NDC) was in office.
“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 at 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,” he noted.
YEN.com.gh earlier reported that a new report from the Bank of Ghana (BoG) shows that Ghana’s debt stock increased by GHC16.9 billion between January and March 2020.
The 2020 Quarter 1 results were part of a Summary of Economic and Financial Data released by the Central Bank.
The Report shows that Ghana's total debt stock as of March 2020 was GHC236.1 billion, which is 59.3% of the Gross Domestic Product (GDP).
READ ALSO: BoG maintains lending Monetary Policy Rate at 14.5% despite increased inflation
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Source: YEN.com.gh
