With barely six months to go for the December polls, President John Evans Atta-Mills and his ruling National Democratic Congress administration have increased Ghana’s total public debt stock from GH¢8.8 billion in 2008 to GH¢25.8 billion as at April 2012.

This situation represents a 193% increase over the 2008 total public debt level bequeathed to the Mills-Mahama administration by the John Agyekum Kufuor led New Patriotic Party administration.

The governor of the Bank of Ghana, K.B Amissah-Arthur, made this known after the Monetary Policy Committee met on Wednesday, during its 51st meeting, to deliberate on recent developments in the economy and assess risks to the inflation and growth outlook.

Mr. Amissah-Arthur revealed that the stock of Ghana’s domestic debt by April 202 stands at GH¢12.6 billion, whilst the external debt stock increased from US$7.6 billion at the end of February 2012 to $7.8 billion in April 2012. “The stock of public debt was GH¢25.8 billion at the end of April 2012, increasing from the GH¢24 billion recorded at the end of 2011. In relation to GDP, the total public debt increased from 42.6 per cent at the end of December 2011 to 42.7 per cent at end April 2012,” Mr. Amissah Arthur revealed. By the governor’s statement, in less than four years of assuming the reins of power, President John Evans Atta-Mills has achieved an unprecedented feat in raising up Ghana’s total public debt stock to an unprecedented level, a feat achieved by no President in the history of Ghana.

This development has led to many pundits and economic analysts wondering what projects these excessive loans that have been contracted by President Mills and his ruling NDC have used the money for, as there are no visible projects to be seen.

It is recalled that as at 2000, the stock of public debt as left by the Rawlings led NDC administration stood at $7.5 billion.

The stock of domestic debt (gross) stood at GH¢4,778.1 million (27.8 percent of GDP) at the end of 2008, up from GH¢3,708.2 million (26.5 percent of GDP) in 2007.

External debt stood at US$3,982.6 million (28.1 percent of GDP) at the end 2008, up from US$3,590.4 million (24.9 percent of GDP) in 2007. Thus, total public debt at the end of 2008 stood at the equivalent of US$7,918.1 million (55.9 percent of GDP).