A fierce political clash has erupted over Ghana’s debt trajectory, with Walewale MP Dr. Mahama Tiah Abdul-Kabiru accusing President John Mahama of exaggerating the nation’s fiscal woes to stoke unnecessary panic.
The dispute follows Mahama’s grim State of the Nation Address (SONA) last week, where he revealed public debt had ballooned to GH₵721 billion and warned of dire strains on state enterprises like ECG and COCOBOD.
Abdul-Kabiru, speaking on Channel One TV’s The Big Issue, dismissed the president’s narrative as recycled theatrics. “Repackaging old debt data as a fresh crisis is playing with the truth,” he asserted, noting Ghana’s debt-to-GDP ratio had actually improved from 80% to 70-72% after painful Domestic Debt Exchange Programme (DDEP) reforms and IMF-backed restructuring. “These figures aren’t new—they’re the same challenges we’ve tackled head-on. Portraying collapse now is dishonest.”
The MP argued Mahama’s omission of progress undermines public trust. While acknowledging lingering pressures, he highlighted reduced debt servicing costs and resumed payments to international creditors as signs of stabilization. “Yes, ECG and COCOBOD struggle, but we’ve turned a corner. The president’s team knows this—so why the alarmist tone?”
Mahama’s SONA had framed the debt surge as a legacy of past mismanagement, insisting his administration inherited an economy “teetering on bankruptcy.” Yet critics like Abdul-Kabiru counter that the DDEP’s success in slashing GH₵83 billion from debt stock and extending maturities merits acknowledgment, not doom-laden rhetoric.
The row underscores broader tensions as Ghana navigates post-IMF austerity. Economists warn that while debt ratios have dipped, vulnerabilities persist—particularly with cocoa revenues underperforming and energy sector liabilities mounting. For citizens, the squabble offers little solace: inflation remains volatile at 23%, and the cedi continues its slide against the dollar.
As lawmakers brace for budget debates next week, Abdul-Kabiru’s challenge crystallizes a pivotal question: Is Ghana still in crisis, or cautiously recovering? The answer, it seems, depends on who holds the microphone.
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