In the\u00a0DAILY GUIDE\u00a0newspaper of Friday, June 17, 2022, an article titled \u201cNPP\u2019s Borrowing Better Than NDC\u2019s\u201d appeared on page 3, based on a statement purported to have been made by Hon. Osei Kyei-Mensah-Bonsu, the Majority Leader of our august Parliament. <\/p>\n
He is reported to have stated that \u201cgovernment borrowing is lower than the stock of borrowing between the period of 2009 and 2017 when the NDC was in government.\u201d<\/p>\n
The Majority Leader added, \u201cThe facts will tell the stories better,\u201d and advised Ghanaians not to \u201callow any pretenders to deceive them.\u201d This unfortunate statement is said to have been made on the floor of our august House and will therefore sadly be captured by the esteemed Hansard.<\/p>\n
The purpose of this note is to set the record straight. First, to inform the entire Ghanaian public and also help the Majority Leader to have a clear picture of our country\u2019s debt situation, I am indicating in the table below Ghana\u2019s public debt stock from 2008\u20132021.<\/p>\n
Ghana: Public Debt Stock, 2008\u20132021 (billion cedis)<\/strong><\/h3>\n![](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/06\/901684375_683074.jpg\")
<\/figure>\nAs the table above shows, Ghana\u2019s public debt stock stood at GH\u00a2351.8 billion as at end-2021. The debt stock increased from GH\u00a29.8 billion in 2008 to GH\u00a236.0 billion in 2012 and then to GH\u00a2122.3 billion at end-2016. By the end of 2021, the debt stock had reached GH\u00a2351.8 billion.<\/p>\n
This means that:<\/p>\n
The NPP Government from 2001\u20132008 left a debt stock of GH\u00a29.8 billion in 2008<\/p>\n
Under the NDC Government from 2009\u20132012, the debt stock increased by GH\u00a226.2 billion<\/p>\n
Under the NDC Government from 2013\u20132016, the debt stock increased by GH\u00a286.3 billion<\/p>\n
Under the current NPP Government, the debt stock has increased by GH\u00a2229.5 billion from 2017\u20132021<\/p>\n
This means that of the country\u2019s total debt stock of GH\u00a2351.8 billion as at end-2021, GH\u00a2112.5 billion, representing 32%, was accumulated over a period of eight years (2009\u20132016) under the NDC, while GH\u00a2229.5 billion, representing 65%, was added in just the last five years under the current NPP Government. <\/p>\n
Does the Majority Leader of Ghana\u2019s Parliament not know these facts, and is this what supports his claim that the NPP has a better borrowing record than the NDC? Or is the Majority Leader peddling falsehoods in order to play politics during what can be considered one of the direst times in our nation\u2019s history? Whatever the reasoning behind the majority leader\u2019s statements, the facts show that they are false and should be corrected as publicly as they were stated.<\/p>\n
Furthermore, the Majority Leader\u2019s alleged statement that \u201cthe stock of borrowing was $75 billion as compared to what we have now\u201d is simply untrue and cannot be justified by any facts nor proven by any accurate and sound analysis of debt accumulation under the NDC Government from 2009\u20132016.<\/p>\n
Besides, the Majority Leader must appreciate that what is needed at this critical moment in Ghana\u2019s history, when the nation\u2019s finances and economy are in crisis, is not the same old propaganda about the public debt, but rather a humble and honest admission that things have not gone to plan over the last 5\u20136 years of the NPP Government and the country is in a more perilous debt situation today than at any time between 2009\u20132016.<\/p>\n
Such an admission would hopefully then establish a basis to rally all Ghanaians towards finding lasting solutions.<\/p>\n
Source: Peacefmonline.com\/Ghana<\/span><\/p>\n\u00a0<\/p>\n
\u00a0<\/p>\n
\n\nDisclaimer<\/span>: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of . Please report any inappropriate to us, and we will evaluate it as a matter of priority.<\/span><\/td>\n<\/tr>\n<\/table>\nFeatured Video\n<\/p>\n
As the table above shows, Ghana\u2019s public debt stock stood at GH\u00a2351.8 billion as at end-2021. The debt stock increased from GH\u00a29.8 billion in 2008 to GH\u00a236.0 billion in 2012 and then to GH\u00a2122.3 billion at end-2016. By the end of 2021, the debt stock had reached GH\u00a2351.8 billion.<\/p>\n
This means that:<\/p>\n
The NPP Government from 2001\u20132008 left a debt stock of GH\u00a29.8 billion in 2008<\/p>\n
Under the NDC Government from 2009\u20132012, the debt stock increased by GH\u00a226.2 billion<\/p>\n
Under the NDC Government from 2013\u20132016, the debt stock increased by GH\u00a286.3 billion<\/p>\n
Under the current NPP Government, the debt stock has increased by GH\u00a2229.5 billion from 2017\u20132021<\/p>\n
This means that of the country\u2019s total debt stock of GH\u00a2351.8 billion as at end-2021, GH\u00a2112.5 billion, representing 32%, was accumulated over a period of eight years (2009\u20132016) under the NDC, while GH\u00a2229.5 billion, representing 65%, was added in just the last five years under the current NPP Government. <\/p>\n
Does the Majority Leader of Ghana\u2019s Parliament not know these facts, and is this what supports his claim that the NPP has a better borrowing record than the NDC? Or is the Majority Leader peddling falsehoods in order to play politics during what can be considered one of the direst times in our nation\u2019s history? Whatever the reasoning behind the majority leader\u2019s statements, the facts show that they are false and should be corrected as publicly as they were stated.<\/p>\n
Furthermore, the Majority Leader\u2019s alleged statement that \u201cthe stock of borrowing was $75 billion as compared to what we have now\u201d is simply untrue and cannot be justified by any facts nor proven by any accurate and sound analysis of debt accumulation under the NDC Government from 2009\u20132016.<\/p>\n
Besides, the Majority Leader must appreciate that what is needed at this critical moment in Ghana\u2019s history, when the nation\u2019s finances and economy are in crisis, is not the same old propaganda about the public debt, but rather a humble and honest admission that things have not gone to plan over the last 5\u20136 years of the NPP Government and the country is in a more perilous debt situation today than at any time between 2009\u20132016.<\/p>\n
Such an admission would hopefully then establish a basis to rally all Ghanaians towards finding lasting solutions.<\/p>\n
Source: Peacefmonline.com\/Ghana<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video\n<\/p>\n\n
\n Disclaimer<\/span>: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of . Please report any inappropriate to us, and we will evaluate it as a matter of priority.<\/span><\/td>\n<\/tr>\n<\/table>\n