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John Mahama, the flagbearer of the National Democratic Congress (NDC) for 2024, presented a policy paper on behalf of the party during a meeting with the Ghanaian Trades Union Congress (TUC).
According to him, every Ghanaian has a debt of GH¢19,000 if the GH¢577 billion national debt is divided equally.
He says the high levels of debt in the local economy make it difficult to invest in projects aimed at social and economic development.
He emphasized that greater economic growth, better working conditions, and the general well-being of Ghanaians all depend on his party and the TUC working together.
He stated that the NDC is a social democratic party that supports equality and strikes a balance between economic growth and worker well-being. He also announced that the party will hold an annual governance conversation with CSOs, organized labor unions, and other recognized groups.
He claimed that under the current administration of the New Patriotic Party (NPP), Ghanaians’ debt has skyrocketed, in contrast to 2016 when it was only GH¢4,000.
According to him, the economy is beset by excessive debt, which makes it difficult to fund initiatives for social and economic advancement. In 2016, every individual of Ghana’s 30 million citizens owed GH¢4,000 if the country’s GH¢120 billion public debt was divided equally among them. We all owe GH¢19,000 if you split the GH¢577 billion in debt that Ghanaians owe today by the 30 million people that make up the country. This debt is compounded by a higher-than-average unemployment rate, especially for young people, which makes matters worse for Ghanaians.
According to data from the Bank of Ghana, between April and June 2023, Ghana’s national debt increased by around ¢6.3 billion, totaling GH¢575.5 billion.
This is the equivalent of $52.3 billion, or almost 71.9% of the GDP.
The country’s overall debt increased marginally as a result of the Cedi’s minor decline against the dollar during that time.
Source: Ghanatodayonline.com
