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Bawumia who has crippled Ghana’s public debt cannot be made president – NDC

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A member of the National Democratic Congress (NDC), Salim Adams has cautioned Ghanaians against voting for the flagbearer of the New Patriotic Party’s (NPP), Dr Mahamudu Bawumia in the upcoming December polls.

Taking to the X platform he described Dr Bawumia as the “so-called Economic Messiah” who should not be trusted to turn Ghana’s economic woes around.

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He added that during the flagbearer of the NDC’s, John Dramani Mahama’s tenure, Ghana’s public debt in 2016 was 120 billion but 610 billion under the NPP government.

According to him Bawumia has nothing to offer when he assumes the presidency of the country as he has already failed in  delegating his roles as the vice-president.

“From Nkrumah to Mahama, our public debt was 120 billion in 2016. Today, it’s a shocking 610 billion under #Bawuliar, the so-called Economic Messiah. How can anyone trust such reckless leadership? Voting for him is a betrayal of our future,” he wrote. 

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His comment is in line with recent revelations regarding Ghana’s public debt which have stirred significant apprehension and debate across the nation. 

According to the March 2024 Summary of Economic and Financial Data released by the Bank of Ghana, Ghana’s public debt surged to GH¢610 billion ($52.4 billion) by the end of 2023. This marks an increase of GH¢42.7 billion from September 2023 to December 2023, following a decrease of GH¢14.2 billion recorded between June 2023 and September 2023, bringing the debt to GH¢567.3 billion ($51.0 billion).

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The total public debt now represents 72.5% of Gross Domestic Product (GDP), indicating that the country’s debt situation remains challenging despite the completion of the Domestic Debt Exchange Programme during the period.

While the domestic debt rose by GH¢19.1 billion, the external debt climbed by GH¢23.6 billion, primarily due to the depreciation of the cedi.

Data from the Central Bank further disclosed that the external component of the total public debt reached $30.1 billion (¢350.3 billion) in December 2023, accounting for 41.6% of GDP. Meanwhile, the domestic debt stood at ¢259.7 billion in December 2023, equivalent to approximately 30.1% of GDP.

However, the report omitted information regarding the financial sector resolution debt and other liabilities such as the energy sector debt.

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