The impact of debt incurred by the NPP government on Ghana today

Nana Addo Dankwa Akufo, The Current Ghana President President Nana Addo Dankwa Akufo-Addo

Tue, 1 Mar 2022 Source: Joel Savage

It appears that the NPP government under Nana Addo Dankwa Akufo Addo has over-borrowed than any party in the political history of Ghana.

Sadly, despite the huge debt incurred on Ghana, followed by several sod cuttings, Ghanaians can't see any projects in the country; above all, the NPP government can’t give accounts of how the money is used.

Significant amounts of government debt have a huge impact on the country's economy, which mainly affects the state of public finances, money circulation, investment climate, consumption structure, and the socio-economic life of society.

Thus, the debt of Ghana today has affected economic growth and has created a high rate of unemployment. At the moment, thousands of Ghanaians face an unemployment crisis, while prices of commodities have increased over 100%, creating unprecedented hardships for the common people.

The NPP party before the 2016 elections, promised Ghanaians to make things better since the people were convinced that John Mahama is corrupt and responsible for the country’s economic mess.

The party also promised to cut taxes which gave them a big advantage against the NDC government. It didn’t come as a shock to Ghanaians when the NDC lost the 2016 elections.

However, what happened under the leadership of Nana Akufo Addo was something nobody was expecting. The president failed in fulfilling all his promises, including the protection of the public’s purse.

Akufo Addo the public purse protector has now been involved in more corruptible scandals together with other politicians, such as Charles Bissiw, Eugene Arhin, Kwasi Anin-Yeboah, and even journalists.

Without any concern about the economic crisis and the hardships Ghanaians are facing, the president wants to introduce E-Levy, after already creating multiple taxations including COVID tax.

The E-Levy is something the majority of Ghanaians are not interested in, the fact that Ghana has gold, diamond, bauxite, cocoa, oil, etc; yet the NPP government couldn’t do anything with them, therefore, they are not convinced that the E-Levy will bring any progress to Ghana. That is true.

The current public debt which has affected the country's infrastructures and the economy has restricted investment opportunities in the country, leading to more hardships.

It's time for the government to stop creating additional debt to the already huge debt and to concentrate on the country's resources for development.

Columnist: Joel Savage