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Claim: The former General Secretary of the New Patriotic Party, John Boadu, claims that the ruling National Democratic Congress government has borrowed more money than the New Patriotic Party did during its eight years in government. He made the assertion during a live show on Lawson TV.
Verdict: False. Bank of Ghana data show that Ghana’s total public debt increased, in absolute US dollar terms, more during the NPP’s eight years in office than over the NDC’s first year.
Full text
A former General Secretary of the opposition New Patriotic Party (NPP), John Boadu, has claimed that the ruling National Democratic Congress (NDC) borrowed more money in one year than the NPP-led government did during its eight years in power.
During an interview on Lawson TV’s morning show, he said: “The NDC has borrowed more money than all eight years the NPP was in government. It’s a fact.”
A clip from that interview was posted on X by @eddie_wrt on April 30, 2026.
As of Sept. 15, 2026, the post had accumulated 147 comments, 63 shares and 560 likes. Given the claim’s reach and potential to mislead the public, DUBAWA verified it.
Verification
The Bank of Ghana data DUBAWA reviewed shows that Ghana’s public debt increased by a larger amount in US dollar terms during the New Patriotic Party’s (NPP) eight-year tenure than during the first year of the current National Democratic Congress (NDC) administration.
At the end of 2016, Ghana’s total public debt stood at approximately GH¢122.3 billion, equivalent to 72.5% of GDP read page 7, total public debt. In dollar terms, total public debt by the end of December 2016 was $29.2 billion.
By December 2024, the debt stock had risen to GH¢726.7 billion, representing an increase of roughly GH¢604 billion over the eight-year period. This comprised both domestic and external debt, with external debt estimated at US$28.3 billion (GH¢416.8 billion) and domestic debt at GH¢309.8 billion.
In dollar terms, the debt stock in December 2024 was $49.4 billion. By December 2025, the total public debt had reached US$61.3 billion, representing an increase of US$11.9 billion from the December 2024 figure. Thus, the increase in public debt in US dollar terms was larger during the NPP’s eight years in office than during the NDC’s first year. The NPP recorded an increase of US$29,382.26 billion over eight years, representing 21.70% of external GDP, compared with US$11.9 billion during the NDC’s first year read page ii of the report under external debt by maturity December 2025.
March 2026 summary of the Macroeconomic and Financial Data screenshot.[BoG] read point 7 of the report.
The Cedi-Denominated Picture
DUBAWA, however, found a markedly different picture when it examined the same debt figures in Ghana cedis. Ghana’s total public debt stood at GH¢122.3 billion in December 2016, read page 7, under public debt, and increased to GH¢726.7 billion by December 2024, representing an increase of approximately GH¢604.2 billion over the NPP’s eight-year period, read page 7, under public debt.
By December 2025, reported public debt had declined to GH¢641.0 billion, down GH¢85.7 billion from the December 2024 level [read report on page 3.1].
Line graph illustrating the trajectory of Ghana’s total public debt at the end of 2016, 2024 and 2025. (Image generated using Microsoft Copilot)
This apparent divergence between the dollar and cedi figures does not, in itself, constitute a contradiction. DUBAWA notes that movements in the cedi value of Ghana’s public debt are influenced not only by new borrowing and debt repayments but also by exchange-rate movements and the valuation of foreign-currency-denominated debt (see 3.1 of the report.
A significant portion of Ghana’s public debt is denominated in foreign currencies. Consequently, exchange-rate fluctuations can substantially alter the cedi value of the debt stock, even when the underlying foreign-currency debt has not changed by a corresponding amount.
DUBAWA’s assessment is therefore based on the distinction between the public debt stock and the factors that influence its valuation. In US dollar terms, the data show that Ghana’s public debt increased by US$20.2 billion between December 2016 and December 2024, compared with an increase of US$11.9 billion between December 2024 and December 2025. Read page 1.
The evidence consequently shows that the increase in Ghana’s public debt during the NPP’s eight-year administration was larger, in absolute US dollar terms, than the increase recorded during the first year of the NDC administration.
Nevertheless, this comparison should not be interpreted as a direct measure of borrowing. Changes in the debt stock can reflect several factors, including exchange-rate movements, debt restructuring, interest accumulation, disbursements, repayments, and other changes in the composition and valuation of public liabilities.
Conclusion
Former NPP General Secretary John Boadu’s claim that the NDC borrowed more in its first year than the NPP did during its eight years in office is false. Bank of Ghana data show that Ghana’s public debt increased by US$20.2 billion during the NPP’s eight years in office, compared to an increase of US$11.9 billion during the NDC’s first year. While debt figures in cedis are affected by exchange-rate movements and other valuation factors, the available evidence does not support Boadu’s claim that the NDC borrowed more than the NPP did during its eight-year tenure.
