Though government through the Central Bank is reporting a total debt of *Ghc198 billion,* it is believed our total debt is higher than that.
As someone who once studied finance, I find nothing so wrong in debt financing i.e borrowing to fund projects. However, it becomes albatross on one's neck when the debt inflows which has been acquired hasn't been invested well or better still in any infrastructure project(s) which can be self-financing.
It is imperative to note that the NPP since coming into office cannot pontificate any tangible infrastructural development project which is potent in repaying or servicing the loan of which it was acquired. Unlike the NDC which heavily invested in self-financing projects with loans such as Atuabo Gas Processing Plant and the likes, the NPP is just wasting these funds.
It is important to make comparison between the NDC and the NPP in order to appreciate which one has done well in terms of managing our resources or funds. The NDC left a total debt stock of Ghc122 billion as at December 2016 which became an opening for the NPP in terms of our total debt in 2017. Interestingly this has ballooned to *Ghc198 billion* a total of additional Ghc60 billion in less than three years.
It is worth knowing that the NDC inherited *Ghc11.4 billion* as total debt from the NPP after our debt have been written off by our creditors when we entered into HIPC during President Kuffour's regime. In simple terms, all our debts were pardoned and additional monies were even released to us as a country to start all over again but still we managed to owe by same NPP government.
NDC in eight years added a total debt of Ghc110. 6 to our national debt making it Ghc122 billion. If you're to divide *Ghc110.6 billion by 8years, it will give you *Ghc13.8 billion per year which means that the NDC was on yearly basis adding such amount to our total debt stock. Interestingly, the NPP is doing *Ghc31.4 billion* per year. Divide *Ghc76 billion* by two years and five months and you will get this amount. If logic is anything to go by or all other things being equal, the NPP will add *Ghc125.6 billion* to our total national debt stock after their four-year tenure. Just divide Ghc76 billion by 29 months and you will get monthly addition in debt stock then you multiply by 48 months which is 4years or just multiply *Ghc31.4 billion* by 4 and you will get *Ghc125.6 billion*.
This is indeed higher than that of the NDC in 8years even though they promised not to borrow but instead use dynamic means in raising revenue internally.
The multi-million question is what can the NPP show for all these monies which have been procured? Virtually nothing! They only talk of repayment of loans and interest payments which completely makes no sense but rather full of absurdity. After all these inflows, the following are still high;
- Fuel high
- Transportation fares high
- General commodities high
- Spare parts high
- Corruption high
- Port duties high
- Premix fuel high
I am through this piece daring the NPP to posit any achievement they have made with these loans. I'm humbly telling Ghanaians most especially Western North Region people to reject the NPP since they have failed us in terms of their promises.
Long live Ghana,
Long live NDC.
Regional Communication Officer, NDC -Western North Region
Cc; All media houses.