Walewale MP: Debt Exchange Programme NDC Criticized is Now "Cornerstone" of Gov't Macroeconomic Success

Member of Parliament for Walewale, Hon. Abdul Kabiru Tiah Mahama, has accused the NDC government of hypocrisy, saying the same Debt Exchange Programme it once condemned is now driving its economic gains.

Contributing to the debate on the *2025 Public Debt Report* in Parliament, the Walewale MP said the Debt Exchange Programme has become the foundation of the government’s macroeconomic performance.

*"The thing that you bastardised is now the cornerstone of your macroeconomic success,"* Hon. Mahama told the House.

He was making reference to how the NDC, while in opposition, heavily criticized the Debt Exchange Programme introduced under the previous government.

According to him, the programme is now being credited in the 2025 Public Debt Report as one of the key factors behind Ghana’s improved debt indicators, alongside cedi appreciation and fiscal consolidation.

The MP said the report attributes the fall in debt to 3 main factors: *cedi appreciation, the debt exchange programme, and fiscal consolidation*. Debt-to-GDP has now dropped to about *44%*, with the nominal debt stock at around *GH¢641.1 billion / $61.3 billion*.

But he argued the numbers tell a different story when you look at borrowing and servicing for the year under review.

According to him, government borrowed *GH¢84.9 billion* in 2025, while debt servicing for the same period stood at *GH¢77 billion*. That, he said, means there was still *net borrowing*.

*“The only place we are seeing some relief is with external debt. On domestic debt, government continues to borrow every single day,”* he stated. He cited the Ministry of Finance’s Public Debt Statistical Bulletin to back the figures.

The MP warned that relying on currency appreciation to manage debt is risky.

*“If you are only managing the debt stock because the cedi is appreciating, you will get into difficulty in the event of a currency crisis,”* he said. He urged the Ministry of Finance not to anchor debt-to-GDP performance on a strong cedi.

Hon. Mahama’s comments formed part of broader concerns he raised about government’s debt management strategy during the debate.