Public Debt: Each Ghanaian owing GHS 22,000 under the NPP – Mahama says
Former President John Mahama has stated that Ghana’s current public debt of GHS 658bn means each Ghana owes creditors GHS 22,000.
This, he noted, is a significant increment from the GHS 120bn public debt and the GHS 4,000 debt owed by each Ghanaian in 2016 when leaving office.
“The country’s public debt has increased from GHS 120bn in 2016 when each Ghanaian was owing GHS 4,000 to GHS 658bn today where each Ghanaian is owing GHS 22,000,” he quipped.
Ghana’s public debt surged by GH¢46.4 billion in the first two months of 2024, reaching a total of GH¢658.6 billion ($53.1 billion).
This sharp increase elevates the nation’s debt-to-GDP ratio to 62.7%, up from GH¢611.2 billion at the close of 2023.
As of February 2024, the external component of the total public debt stood at $30.6 billion (GH¢350.3 billion), which represents 36.1% of GDP.
The domestic debt, on the other hand, was recorded at GH¢278.7 billion, accounting for another 36.1% of GDP.
Making the assertion during a live interaction with the public tagged #MahamaConversations on Facebook and YouTube, the former president quipped the citizenry is right to be angry about the surge in the country’s public debt which is premised on the poor mismanagement of the Ghanaian economy by the Akufo-Addo and Bawumia-led Government.
Speaking further, Mr Mahama averred the youth of the country have the right to be angry at the implementation of the Domestic Debt Exchange Programme (DDEP) that has impoverished their parents and grandparents and also affected the ability of businesses to expand and increase employment.
Further asserting that the youth are also justified to be angry at the poorly thought-through banking sector clean-up that saw over 10,000 people lose their jobs, led to deaths, and cost the country some GHS 25bn in revenue.
“The youth is also right to be angry at the opulence of the public officials of the NPP government, Ghanaians can only imagine how much taxpayers’ monies have been stashed away by ministers of the Akufo-Addo government,” he added.
Asserting that, he will hold public officials who have engaged in corrupt practices accountable when he comes to power in 2025, adding that he will also hold accountable his own public officials and ministers who also engage in corrupt practices.
According to the former president, the best of Ghana is yet to come, asserting that he has a vision and a future for the country.
