RE: Dr Domfeh's claim government borrowed $12bn in one year misleading

I wish to formally register my profound concern regarding what appears to be a recurring pattern of attempts to erode my professional credibility. On a prior occasion, your platform disseminated a one-sided narrative concerning an incident involving Bobbie Ansah and Solomon Owusu, wherein I was subjected to extensive criticism without any effort to solicit my perspective in the interest of balance and fairness.

In the past week, I engaged in several media discussions on Ghana’s escalating public debt. These interventions were grounded in official data indicating that the country’s total public debt rose from USD 49.357 billion at the close of 2024 to USD 61.3 billion by December 2025, based on figures published by the Bank of Ghana.

My analysis underscored that, notwithstanding the relative appreciation of the cedi, the debt position—when expressed in U.S. dollar terms—reflects an accumulation of approximately USD 11.94 billion in 2025.

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It is therefore both surprising and troubling that GhanaWeb sought to discredit this position. Specifically, your publication erroneously attributed to me the claim that Ghana’s total public debt stood at USD 61.3 billion in March 2026. I categorically repudiate this assertion.

My analysis was explicitly confined to December 2025, consistent with the available official data. At no point have I presented, cited, or relied upon verified figures for March 2026.

Moreover, the suggestion that exchange rate movements during the reference period account for the increase in dollar-denominated debt is conceptually flawed. Between December 2024 and December 2025, the cedi exhibited relative strength. Its appreciation would have reduced—rather than inflated—the cedi equivalent of the debt stock.

It is therefore analytically unsound to attribute the rise in U.S. dollar-denominated debt to exchange rate effects. Such a claim cannot be construed as a legitimate fact-checking exercise.

While external borrowing has remained relatively constrained, the government has relied extensively on domestic financing, particularly through Treasury bill issuance. In this context, it is entirely accurate to state that the country accumulated nearly USD 12 billion in additional debt in 2025. It is crucial to distinguish between debt accumulation and gross borrowing, as the latter may be considerably higher once debt servicing obligations are incorporated.

In light of the foregoing, I respectfully urge GhanaWeb to adopt greater rigor and objectivity in its fact-checking processes, particularly when engaging with analyses provided by subject-matter experts.

The evidence clearly demonstrates that I have not misled the public; rather, the publication in question reflects a misinterpretation and misrepresentation of both my analysis and the underlying data.

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