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Akufo Addo’s NPP has better records in debt management than Mahama’s NDC – Oppong Nkrumah » GhBase•com™

Ghana’s minister for information, Kojo Oppong Nkrumah has said the Akufo-Ado’s NPP has better records in the management of public sector debt than Mahama’s NDC, ceteris paribus.

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Kojo Oppong Nkrumah indicated that the debt figures and statistics do not favour the main opposition party.

Speaking to TV3 ahead of the 2022 budget presentation on Wednesday, November 17, the Ofoase Ayirebi lawmaker indicated that when the NPP administration took over in 2017, several measures including the enactment of the Fiscal Responsibility Act, were put in place to check government spending.

“There are rules about borrowing that we ourselves have come to parliament to put in place that borrowing need not to be zero but it should not be more than 5 per cent of GDP, that is what we call the Fiscal Responsibility Act.”

However, former President Mahama is a firm believer that Ghana’s current debt situation was exposing the country to very high risk of debt default.

He indicated that the debt has ballooned to unsustainable levels- topping 80% of Gross Domestic Product (GDP) owing to the mismanagement of the economy by the government.

“Our debt has ballooned to unsustainable levels- topping 80% of GDP- exposing us to very high risk of debt default. Almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes.”

“This has led to rampant increments in the prices of goods and services. This is primarily responsible for the hardships Ghanaians are going through now.”

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