Every Ghanaian Owes GH₵19k – Mahama Details Ghana’s External Debt.
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Nearly eight years after handing over power to the ruling New Patriotic Party (NPP), John Mahama claims Ghana’s debt to external creditors has quadrupled. The flagbearer of the National Democratic Congress (NDC) also pointed out that this mounting debt, coupled with rising unemployment, has worsened the plight of ordinary Ghanaians.
During a media briefing on July 24, Mahama explained, “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.”
Economists have raised concerns over Ghana’s ballooning debt stock, fearing it threatens the nation’s financial sustainability and debt management for future governments. With the debt increasing from GH₵680 billion in 2023 to GH₵742 billion, experts warn that without strategic interventions and prudent fiscal policies, Ghana’s economic progress, especially under the International Monetary Fund, could be compromised.
Mahama expressed worry over Ghana’s inability to service its debt, which has led to downgrades by credit rating agencies. Additionally, he highlighted that rising inflation has forced many Ghanaians to adopt the “001” approach, where “0” represents no meals and “1” indicates having had one meal.
The NDC flagbearer also emphasized that the high debt levels are troubling as they hinder investment in social and economic development projects in the country.
