“Ghana in a dangerous debt situation under Akufo Addo” – Former Bank of Ghana governor

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Ex-BoG Governor Dr. Kwabena Duffuor says the governing NPP has to be modest enough to acknowledge Ghana’s dire financial predicament.

Debt under the Akufo-Addo-led administration is unheard of, according to Dr. Duffour, a member of the opposition NDC.

Duffour was reacting to Majority Leader Kyei-Men-Sah-Bonsu, who said that borrowing by the NPP was superior to borrowing by the NDC.

“Ghana’s public debt stock stood at GH¢351.8 billion as at end-2021. The debt stock increased from GH¢9.8 billion in 2008 to GH¢36.0 billion in 2012 and then to GH¢122.3 billion by end-2016. By the end of 2021, the debt stock had reached GH¢351.8 billion,” he noted.

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While “the present NPP Government has grown debt by GH229.5 billion from 2017–2021,” “the NPP Government from 2001–2008 left debt stock of GH9.8 billion in 2008,” he added.

According to him, “Does he not know these facts, and is this what justifies his assertion that the NPP has a better borrowing record than the NDC?”

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“Or is the Majority Leader peddling falsehoods in order to play politics during what can be considered one of the most dire times in our nation’s history? Whatever the reasoning behind the majority leader’s statements, the facts show that they are false and should be corrected as publicly as they were stated.”

Ex-BoG Governor Dr. Kwabena Duffuor
Ex-BoG Governor Dr. Kwabena Duffuor

Duffour encouraged the NPP to be humble and accept that “things have not gone to plan during the previous 5–6 years of NPP Government and nation is in a more hazardous debt scenario today than at any point between 2009–2016,” he urged the party.

Acknowledging one’s mistakes and working toward a solution would “hopefully” unite all Ghanaians, he said.

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