For Finance Minister Dr. Mohammed Amin Adam has expressed confidence that history will recognize the economic achievements of the Akufo-Addo administration, despite the current government’s attempts to downplay its successes.
He accused the new government of manipulating fiscal data to create a negative economic narrative, warning that this could harm Ghana’s credibility with international investors.
Dr. Amin Adam stressed that while the Mahama-led NDC government criticized the previous administration for unsustainable borrowing, it has significantly increased Ghana’s debt stock within just two months in power.
Speaking at a Minority conference in Parliament on Thursday regarding the 2025 budget, he praised the NPP’s debt management record between 2017 and 2024, contrasting it with the public debt from 2009 to 2016.
He noted that Ghana’s public debt surged from $8.07 billion in 2008 to $29.2 billion by 2016, a 261.83% increase over eight years, with the NDC government adding an average of 32.75% to the debt stock annually.
“This level of borrowing was not just excessive but also reckless, leading Ghana into an unsustainable debt trajectory,” he said.
According to him, in contrast under the NPP, Ghana’s debt rose from $29.2 billion in 2016 to $52.3 billion by the end of 2023, before reducing to $49.3 billion after the debt restructuring program.
He said this reflected a 68.83% increase under the NPP, averaging 8.6% annual growth—far lower than the 32.75% seen under the NDC.
“This data alone shows the superior economic management under the NPP,” he asserted.
Dr. Amin Adam also criticized the high-interest Eurobonds issued under the Mahama government, citing a 10.75% coupon rate on a 2015 Eurobond, the highest among African countries between 2007 and 2020.
He revealed that the NPP government had to pay off two of the four Eurobonds issued by the NDC in 2013 and 2016 and successfully renegotiated multiple loan agreements to lower interest rates.
He argued that despite global economic challenges, the Akufo-Addo-NPP administration stabilized Ghana’s debt, reducing the Debt-to-GDP ratio to 61.8% by 2024, down from 73% in 2016 under the NDC.
“This was not by accident; it was due to skilled negotiations and a good debt strategy,” he stated.
Dr. Amin Adam warned that misrepresenting Ghana’s financial data to the IMF could lead to severe consequences, urging the government to be transparent about the economic gains made under the NPP.
“If we continue down this path, Ghana, not the politicians, will be the ultimate loser,” he cautioned.
