Felix Kwakye Ofosu, Minister of State for Government Communications,has rejected claims made by the New Patriotic Party (NPP) that the current government has been able to meet its debt obligations due to financial buffers left by the previous administration.
The controversy follows remarks by Dr Mohammed Amin Adams, former Finance Minister under the NPP government, who suggested that the NPP had built reserves in Ghana’s Debt Reserves Accounts to ensure continued debt servicing.
The claims were made after President Mahama instructed Finance Minister Dr Cassiel Ato Forson to honour the fourth coupon payment to Domestic Debt Exchange Programme (DDEP) bondholders. The NPP had credited its own financial measures for enabling the payment.
However, speaking at a press briefing on Wednesday, 19 February, Kwakye Ofosu dismissed these claims, saying they were “untrue.” He challenged the NPP to provide evidence of the buffers they allegedly left behind.
“The idea that we’ve been able to meet our obligations because of the work of the previous government is simply false,” Kwakye Ofosu said.
He explained that the sinking fund, or debt service reserve account, is where money is held for future debt payments and is split between cedi and dollar components. According to Kwakye Ofosu, the last recorded balance in the account during the NPP administration was just $64,387 in October 2024, an amount insufficient to cover payments of GHS 6 billion.
In comparison, he stated that on 31 January 2025, the NDC government deposited $96,915,182 into the account.
Mr.Kwakye Ofosu also pointed to the cedi-denominated reserve account, which, he said, had a balance of GHS 155,463,435 on 2 January 2025, just before the NPP left office. Since then, an additional GHS 9 billion has been added to the fund, bringing the total reserves to GHS 15 billion, enough to cover upcoming coupon payments in July and August 2025.
Mr. Kwakye Ofosu’s comments have cast doubt on the NPP’s assertions, adding further fuel to the ongoing debate over Ghana’s debt management and the role of the two parties in the country’s financial stability.
Source:TheDotNews