Nearly eight years after transferring power to the ruling New Patriotic Party (NPP), John Mahama claims that Ghana’s external debt has increased fourfold.

The National Democratic Congress’ presidential candidate asserts that this surge in debt, coupled with rising unemployment, has worsened the hardships faced by ordinary Ghanaians.

Speaking to the media on July 24, he illustrated that “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.”

Ghana’s soaring debt levels have alarmed economists, raising concerns about the country’s financial stability and debt management for future administrations.

With the debt increasing to GH₵742 billion from GH₵680 billion in 2023, experts warn that without effective interventions and sound fiscal policies, Ghana’s economic progress, particularly under the International Monetary Fund, could be jeopardized.

Mr. Mahama is concerned that Ghana’s debt repayment difficulties have led to downgrades by credit rating agencies.

Furthermore, escalating inflation has forced many Ghanaians to adopt the "001" approach, where "0" signifies no meals and "1" indicates having had a meal.

The NDC flagbearer also expressed concern that the high debt levels are problematic, as they impede investment in social and economic development projects across the country.