Ricketts-Hagan lists debts accrued by the Akufo-Addo government

The Member of Parliament for Cape Coast South, Kweku Ricketts-Hagan, gave a picture of the amount of debts the Nana Addo Dankwa Akufo-Addo government owes Ghana’s external creditors.

Speaking on the floor of parliament on Friday, November 25, 2023, during the debate on the 2024 Budget and Financial Statement, Ricketts-Hagan laughed at the suggestion that Ghana’s economy was turning the corner by proponents of the government.

According to him, the Akufo-Addo government has only managed to sink the country into debts which would take several years to repay.

He said the government has defaulted on the payment of all of Ghana’s external debts.

The MP went on to list Ghana’s debts which the government is not paying as follows:

1. Paris Club - $2 billion

2. Chinese government - $1.9 billion

3. Non-Paris Club members - $3.8 billion

4. chapmenten - $2.5 billion

5. $8.8 billion to the IMF

6. $14.9 billion to the Eurobond market

7. $8.8 billion in multilateral debts (the highest in Africa).

Ricketts-Hagan also accused the Akufo-Addo government of deliberately borrowing with no intention to pay.

He said that in the history of the 4th Republic of Ghana, Ghana has gone for 17 Eurobonds.

Four of these bonds, he said, were acquired in 16 years by 4 governments. The Akufo-Addo government alone has signed 11 of these Eurobonds with crazy maturity dates, beyond the usual 10 years.

The MP went on to give a breakdown of the Eurobonds acquired by the Akufo-Addo government as follows:

1. Eurobond in May 2018 – 30-year maturity period, bond expires in 20248

2. Eurobond in 2019 - 31 years maturity period

3. Eurobond in 2020, matures in 2061 – 41 years maturity period

4. Eurobond in March 2021, matures in 2041 – 20 years maturity period

Watch his remarks in the video below:

I’m genuinely heartbroken just listening to this ???? pic.twitter.com/9KYmwqxSah

— Fentuo Tahiru Fentuo (@Fentuo_) November 25, 2023