Development economist and University of Ghana lecturer George Domfe has provided a detailed overview of how Ghana’s public debt has evolved under different governments in the Fourth Republic, highlighting a steady upward trend.
In a Facebook post dated March 22, 2026, he explained that by the end of Jerry John Rawlings’ tenure in 2000, the country’s debt stood at $7.1 billion. Under John Agyekum Kufuor, the figure rose modestly to about $8 billion by 2008, partly due to relief from the HIPC initiative.
He noted that the administrations of John Evans Atta Mills and John Dramani Mahama significantly increased borrowing, adding roughly $21 billion and pushing total debt to $29.2 billion by the end of 2016.
According to Domfe, the government of Nana Addo Dankwa Akufo-Addo added about $20.18 billion over its eight-year tenure, bringing the figure to $49.38 billion by 2024.
He further claimed that within just one year, the current administration led by John Dramani Mahama has added $11.93 billion, increasing the country’s total public debt to approximately $61.30 billion as of December 2025.
Domfe’s analysis underscores the continuous rise in Ghana’s debt levels and has sparked renewed debate about fiscal discipline, borrowing practices, and the country’s long-term economic stability.
