The government has been accused of plunging the country into massive debt after it borrowed 100 billion cedis since regaining power in 2009.
According to a pro-opposition newspaper; the Daily Guide, the NDC government led by John Atta-Mills (from 2009 to July 2012) and John Mahama (from July 2008 to date) has increased the country’s debt stock to over 105 billion cedis. It contends that the government has borrowed GH₵ 96.1 billion since 2009.
The country’s debt stock from independence days to 2008 was 9.5 billion cedis.
“As at May this year, the total debt stock of the country stood at GH¢105.1 billion, according to data from the Bank of Ghana with average monthly borrowing from January of GHC1.2 billion,” the paper said.
This is similar to remarks made by the running mate of the New Patriotic Party; Dr Mahamudu Bawumia; who is a former deputy governor of the Bank of Ghana. In March 2016, Bawumia accused the government of not knowing the actual amount the country owes.
“In the last seven years alone under this NDC government, Ghana’s total debt has ballooned from GH¢9.5 billion to a projected GH¢99 billion by the end of 2015! What is clear is that 90% (i.e. GHC89.5 billion) of Ghana’s total debt since independence has been accumulated under this NDC government ...," Bawumia said.
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Dr Bawumia further stated that President Mahama does not know the value of exactly how much his NDC government has borrowed in the last eight years.
However, the president dismissed this accusation referring to them as ‘lies’ and “exaggerations”.
“There is a lot of exaggeration about borrowing. The borrowing has not been excessive. I heard one of the candidates say during this government, we have borrowed $37 billion. The total debt of Ghana, as it stands today from independence, is $24 billion," he said in March.