We’ve reduced debt levels – Bawumia

Vice President Dr Mahamudu Bawumia has said that the Nana Addo Dankwa Akufo-Addo government has managed the public sector debt with prudent spending.

He told Kwame Sefa Kayi on Peace FM Tuesday, August 25 that even despite a total debt of around ¢9 billion, Ghana went into HIPC.

“At that time inflation was around 40 per cent, interest rates were in that range, exchange rate," he said. “Today, you are having a debt stock of GH¢200 billion. We inherited a debt of GH¢122 billion but if you look at the rate of increase in the debt stock between 2016 and 2019, it is the lowest in the decade between 2009 and 2019."

“If you include the banking sector bailout you have an increase in the debt stock of 9.3%, if you exclude the banking sector it is at 3.9 percent.”

He further said the government of President Nana Addo Dankwa Akufo-Addo has superior records in all sectors of the economy as against the records of the National Democratic Congress (NDC) administration.

“In all the sectors our records are superior," Dr. Bawumia noted.

He further explained that the government has been able to stabilize the economy in all sectors, slowed down the rate of debt accumulation and also reduced lending rate.