The Deputy Chief Executive Officer of Ghana’s Microfinance and Small Loans Centre (MASLOC), Afia Akoto, has registered her discontent with public claims that the governing New Patriotic Party (NPP) has compounded the country’s total public debt.

Taking to her Facebook page, the NPP’s Deputy communication director said President Nana Akufo-Addo has added fewer debts to the country’s total public debt, despite contrary claims.

DUBAWA has identified and fact-checked some of the claims Afia Akoto made on her Facebook page.

Claim 1: Afia Akoto claims Ghana’s total public debt was $10.4 billion in Jan. 2009, when ex-President John Kufuor handed over to his successor.

Verdict: False. DUBAWA’s research showed that Ghana’s public debt as of Jan. 2009 was $7,989 million, equivalent to $7.9 billion, not $10.4 billion, as Afia Akoto alleged. Ghana’s Economic Performance 2009 Report, published by the Ghana Statistical Service in Dec. 2010, has revealed that the country’s total debt in 2008 was $7,989 million, as against $9,250 million in 2009.

Verification

DUBAWA’s investigation showed that Ghana’s public debt in Jan. 2009, when ex-President John Kufuor handed power to his successor, was $9,250 million, equivalent to $9.2 billion, not $10.4 billion, as Afia Akoto alleged.

According to Ghana’s Economic Performance 2009 Report, the country’s total debt stock in 2008 was $7,989 million, as against $9,250 million in 2009.

The report published by the Ghana Statistical Service in Dec. 2010 revealed that Ghana’s total debt in millions of dollars in 2007 was $7,412 million, equivalent to $7.4 billion.

See page 8 of the GSS report here.

Also, see a report that pegged Ghana’s total debt in 2009 at $9,270 million, equivalent to $9.2 billion.

The International Monetary Fund (IMF), in its June 29, 2009, report on Ghana’s debt sustainability analysis, said the country’s total debt in millions of US dollars was $8,055 million.

See page 3 of the IMF report on Ghana’s total debt here.

Conclusion

Given the International Monetary Fund (IMF) and the Ghana Statistical Service (GSS) data on Ghana’s total debt, it is not true that the country’s total debt in Jan. 2009 was $10.4 billion, as Afia Akoto alleged.

Claim 2: Afia Akoto alleged that Ghana’s total debt in US dollars in Jan. 2017, when ex-President John Mahama was exiting office, was “around $32.1 billion.”

Verdict: False. DUBAWA’s investigations have shown that Ghana’s total public debt in Jan. 2017 was $29.2 billion, equivalent to GHȼ122.2 billion, contrary to Afia Akoto’s claim. The Annual Public Debt Report for the 2020 Financial Year submitted to Ghana’s Parliament on Mar. 29, 2021, revealed that the country’s public debt in 2016 was $29.2 billion, equivalent to GHȼ122.2 billion.

Verification

DUBAWA’s investigations have shown that Ghana’s total public debt in Jan. 2017 was $29.2 billion, equivalent to GHȼ122.2 billion, contrary to Afia Akoto’s claim.

The Annual Public Debt Report for the 2020 Financial Year submitted to Ghana’s Parliament on Mar. 29, 2021, revealed that the country’s public debt in 2016 was $29.2 billion, equivalent to GHȼ122.2 billion.

According to the report, Ghana’s Gross Nominal Public Debt – domestic and external, was $29,203.8 in millions of US dollars, equivalent to $29.2 billion.

See page 12 of the report submitted to Ghana’s legislature here.

Also, the Annual Debt Management Report for the Year 2016, submitted by the country’s former Finance Minister Ken Ofori-Atta, disclosed Ghana’s total public debt was $29.2 billion, equivalent to GHȼ122.2 billion.

See page 5 of the report Ghana’s Ministry of Finance submitted here.

Conclusion:

Given Ghana’s Finance Ministry’s data, it is not true that the country’s total public debt in 2016 was $32.1 billion, as Afia Akoto alleged.

Claim 3: Afia Akoto has alleged that Ghana’s total debt as of Aug. 30, 2024, was “about $48.1 billion.”

Verdict: False. DUBAWA’s research showed that the West African country’s total debt as of Aug. 30, 2024, was not about $48.1 billion, as Afia Akoto alleged. The Financial and economic data published by the Bank of Ghana disclosed that the country’s total public debt as of June 2024 was $50.9 billion.

Verification

DUBAWA’s research showed that the West African country’s total debt of Aug. 30, 2024, was not about $48.1 billion, as Afia Akoto alleged.

The Bank of Ghana’s Financial and economic data published in July 2024 disclosed that the country’s total public debt was $50.9 billion, equivalent to GHȼ742 billion.

See page 8 of the BoG’s Summary of Economic and Financial Data for July 2024 here.

The BoG revealed in the July 2024 Economic and Financial Data Summary that Ghana’s total public debt as of Feb. 2024 was $52.9 billion, equivalent to GHȼ655.9 billion.

Also, the BoG data showed that the country’s total public debt reduced from $52.9 billion in Mar. 2024 to $51.4 billion in May of the same year.

However, the cedi equivalent of Ghana’s debt increased from GHȼ681.2 billion as of Mar. 2024 to GHȼ694.5 billion as of May 2024.

Considering the trajectory of Ghana’s debt since the start of 2024, the depreciation of the country’s currency may be responsible for the increase in the domestic and external debt.

DUBAWA later contacted Afia Akoto via Facebook to find out the source of her claim, but she has yet to respond.

There is, however, no data supporting the claim that Ghana’s debt stock was $48.1 billion as of Aug. 30, 2024.

Conclusion

There is no evidence to support Afia Akoto’s claim that Ghana’s total public debt as of Aug. 30, 2024, was $48.1 billion, as she alleged. The latest Bank of Ghana data showed the country’s total debt as of June 2024 was $50.9 billion, equivalent to GHȼ742 billion.

Claim 4: Afia Akoto claimed the ex-President John Mahama-led opposition National Democratic Congress (NDC) added $21.7 billion to Ghana’s total public debt within eight years.

Verdict: False. DUBAWA’s investigations showed the John Mahama-led opposition National Democratic Congress did not add $21.7 billion to Ghana’s public debt, as Afia Akoto alleged. The Ghana Statistical Service (GSS) data revealed that as of Jan. 2009, when the NDC took over from ex-President John Kufour, the country’s total debt was $7.9 billion. However, as of Jan. 2016, when Mr Mahama left office, Ghana’s total debt was $29.2 billion. Therefore, this means that Mr Mahama-led NDC added $21.3 billion to the country’s total debt, not $21.7 billion.

Verification

DUBAWA’s investigations showed the John Mahama-led opposition National Democratic Congress did not add $21.7 billion to Ghana’s public debt, as Afia Akoto alleged.

The Ghana Statistical Service (GSS) data revealed that as of Jan. 2009, when the NDC took over from ex-President John Kufour, the country’s total debt was $7.9 billion.

However, Ghana’s debt as of Jan. 2016, when Mr Mahama was exiting office, was $29.2 billion, the Annual Debt Management Report for the Year 2016 submitted by the country’s former Finance Minister Ken Ofori-Atta disclosed.

See page 5 of the report Ghana’s Ministry of Finance submitted here.

Therefore, this means that Mr Mahama-led NDC added $21.3 billion to the country’s total debt, not $21.7 billion as alleged.

DUBAWA contacted Afia Akoto via Facebook to find out the source of her claim. Still, she has not responded, despite sharing a post on the social media platform one hour after the inquiry.

Conclusion

After subtracting Ghana’s total public debt as of Jan. 2009 from the debt as of Jan. 2017, it is not true that the Mr Mahama-led NDC added $21.7 billion to the country’s total debt stock, as Afia Akoto alleged.

Source: ghana.dubawa.org