Kwakye Ofosu: NPP Left No Buffers for Debt Servicing
Mahama’s spokesperson challenges NPP’s claims, demands evidence of alleged financial reserves.
- Kwakye Ofosu says NPP left only $64,387 in debt reserves, far below the required GHS6 billion
- The current administration has secured GHS15 billion for upcoming debt payments.
- He challenges the NPP to provide evidence of the claimed financial buffers.
Felix Kwakye Ofosu, spokesperson for former President John Dramani Mahama, has refuted claims by the New Patriotic Party (NPP) that Ghana’s current administration is servicing debt payments using financial buffers left by the previous government.
Former Finance Minister Dr. Mohammed Amin Adam had asserted that the NPP strategically built reserves in Ghana’s Debt Reserve Accounts to sustain the country’s debt obligations.
His comments followed President Mahama’s directive to Finance Minister Dr. Cassiel Ato Forson to honour the fourth coupon payment to Domestic Debt Exchange Programme (DDEP) bondholders.
Addressing a press briefing in Accra on Wednesday, February 19, Kwakye Ofosu dismissed these claims as false.
“We have had rebuttals from NPP officials claiming that our ability to make these payments is due to buffers they left behind, rather than any direct intervention by President Mahama. I wish to place on record that this narrative is untrue,” he stated.
He explained that the sinking fund, officially known as the Debt Service Reserve Account, holds money for bondholder payments and creditor obligations. He challenged the NPP to provide proof of the alleged buffers.
“For former government officials to claim credit, they need to specify where these buffers were located,” he argued.
Kwakye Ofosu revealed that as of October 22, 2024, under the NPP, the debt account held only $64,387—far below the GHS6 billion required for payments. In contrast, the NDC administration, under Finance Minister Ken Ofori-Atta, deposited $96,915,182 into the account on January 31, 2025.
Additionally, he disclosed that the cedi-denominated reserve account had only GHS155 million when the NDC took over, whereas the current government has since secured GHS15 billion to cover upcoming debt payments in July and August.
Kwakye Ofosu’s remarks challenge the NPP’s narrative, calling for transparency and evidence to support their claims.
