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Felix Kwakye Ofosu, spokesperson for President John Dramani Mahama and Minister of State for Government Communications, has dismissed claims by the New Patriotic Party (NPP) that the current government’s ability to service debt payments is due to financial buffers left by the previous administration.
Former Finance Minister Dr. Mohammed Amin Adam had asserted that the NPP strategically built reserves in Ghana’s Debt Reserves Accounts to ensure the smooth servicing of the country’s debt obligations.
He made the statement following President Mahama’s directive to Finance Minister Dr. Cassiel Ato Forson to honour the fourth coupon payment to Domestic Debt Exchange Programme (DDEP) bondholders.
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However, at a press briefing in Accra on Wednesday, February 19, Kwakye Ofosu refuted the claim, insisting that there was no financial cushion left behind by the NPP to support debt payments.
“We have had some rebuttals from the NPP, whose officials have claimed that we have been able to do that as a government only because they left some buffers… I wish to place on record that this narrative is untrue,” he declared.
Kwakye Ofosu provided financial records to back his claim, revealing that the last transaction in the debt service reserve account under the NPP occurred on October 22, 2024, with a balance of just $64,387—an amount he described as inadequate to meet Ghana’s GHS6 billion debt obligations.
In contrast, he highlighted that by January 31, 2025, the current administration had deposited $96,915,182 into the account. Similarly, he stated that while the NPP left a cedi reserve balance of GHS155 million as of January 2, 2025, the NDC government has since added GHS9 billion, increasing the total to GHS15 billion.
Kwakye Ofosu challenged the NPP to provide concrete evidence of the so-called buffers they claimed to have established.
“For officials of the former government to claim that these payments were made using buffers they left behind, they need to point specifically to where those buffers were located,” he stated.
He reaffirmed that the current government’s financial interventions, not any reserves from the previous administration, were responsible for servicing the debt and ensuring economic stability.
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