During a discussion with the Ghanaian Trades Union Congress (TUC), National Democratic Congress (NDC) 2024 flagbearer John Mahama presented a policy paper on the party’s behalf.
According to him, each and 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 dialogue 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.
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According to him, the economy is beset by excessive debt, which makes it difficult to fund initiatives for social and economic advancement.
“In 2016, if you shared the public debt of GH¢120 billion among 30 million Ghanaians, each Ghanaian owed GH¢4,000. Today, if you divide the debt of GH¢577 billion by 30 million Ghanaians, all of us sitting here owe GH¢19,000, coupled with a relatively higher unemployment rate, particularly amongst the youth, which exacerbates the challenges faced by our citizens,” he said.
Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has revealed that every Ghanaian owes an amount of GH¢19k as their share of the country's public debt.#UTVNews pic.twitter.com/mNmHtvJGAB
— UTV Ghana (@utvghana) November 8, 2023
According to data from the Bank of Ghana, between April and June 2023, Ghana’s public debt increased by approximately ¢6.3 billion, totaling GH¢575.5 billion.
This is the equivalent of $52.3 billion, or roughly 71.9% of the GDP.
The country’s overall debt increased marginally as a result of the cedi’s slight depreciation against the dollar during that time.
