The National Chairman of the New Patriotic Party (NPP), Stephen Ntim, has stated that the administrations of the National Democratic Congress (NDC) that succeeded former President John Agyekum Kufuor added the most to Ghana’s debt stock.
According to him, Kufuor inherited a debt stock of roughly GH5.4 billion in 2001 and increased it by approximately 81%.
He said the NDC “inherited a debt stock of GH¢9.7 billion in 2009; by 2016, they increased it to GH¢122 billion. That represents 819 percent growth in the debt stock.”
Ntim remarked to the media on Tuesday, April 4, 2023, that President Nana Addo Dankwa Akufo-Addo and Vice President Dr. Mahamudu Bawumia should be recognized for properly handling Ghana’s economy.
Despite the impact of COVID-19, the impacts of the Russia-Ukraine Conflict, and the country’s request for a bailout from the International Monetary Fund (IMF), he believes the NPP government should be praised.
Stephen Ntim said “The plain truth is that this government has managed the economy diligently and well. The hardships we are experiencing in Ghana are being experienced everywhere because of the COVID-19 pandemic and the Russia-Ukraine War. Workers in some of the world’s biggest economies are demanding salary increases due to historic global inflation.”
He revealed that the NPP government has added around 304 percent to the country’s debt stock.
“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,” Ntim noted.
“Official data from the Ministry of Finance shows that the nominal debt stock increased by 50% from 2013 to 2014 under Ex-President John Mahama. For example, if Ghana owed GH¢80 billion in 2013, the John Mahama administration added 40 billion cedis, making it GH¢120 billion in 2014 alone,” he added.
He said: “Yes, Ghana has a debt challenge, but it is inaccurate for the NDC to suggest that this government has over-borrowed. This misinformation was captured on page 4 of the NDC’s press statement.”
Recently, Finance Minister Ken Ofori-Atta warned of catastrophic implications if Ghana fails to reach an agreement with the IMF by March.
He said that if Ghana fails to reach an agreement with the Bretton Woods institution, the country’s economy would implode.
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