Minority accuses gov’t of taking credit for NPP’s debt restructuring efforts

The Minority in Parliament has accused the NDC government of misleading the public by claiming credit for debt restructuring outcomes initiated under the Akufo-Addo administration.

In a press statement issued on Tuesday, July 29, the group described recent comments by the Finance Minister on Ghana’s public debt as both inaccurate and disingenuous.

According to the Minister, Ghana’s public debt-to-GDP ratio dropped from 61.8% in December 2024 to 43.8% in June 2025, a development he credited to sound economic management.

But the Minority pushed back, arguing that this reduction is largely the result of debt restructuring measures undertaken before the NDC assumed office.

“The NPP government led painstaking negotiations that resulted in the cancellation of US$5 billion in debt and achieved US$4.7 billion in debt service savings,” the statement said. “What exactly has the current government done to deserve credit for these outcomes?”

The Minority also challenged claims of improved credit ratings under the current administration.

They cited a June 2025 Fitch report that explicitly attributed Ghana’s credit rating upgrade to the Eurobond restructuring concluded in October 2024 under the previous NPP government.

“Was Dr. Ato Forson Finance Minister in October 2024?” the Minority asked pointedly.

They went on to accuse the government of practicing “propaganda economics” by criticising the previous administration’s strategy while benefiting from its results.

“How can you denounce a policy and then take credit for its success?” the statement read. “Ghanaians see through this. This is not responsible governance, it’s propaganda economics.”