By Franklin Asare-Donkoh
The Chief Executive Officer (CEO) of Dalex Finance, Mr Joe Jackson, says the reduction of Ghana’s debt stock should be credited to the current managers of the economy.
Mr Jackson’s comment comes on the heels of the Minority caucus in Parliament claiming that the immediate past government, led by Nana Addo Dankwa Akufo-Addo, should be credited for the reduction in Ghana’s debt stock.
The Minority caucus has, in recent times, been seen moving “from heaven to hell” to claim credit for the cedi’s appreciation against major foreign currencies, as well as the reduction in Ghana’s debt stock.
The Finance Minister, during his Mid-Year Budget Review on the floor of Parliament, stated that Ghana’s public debt-to-GDP ratio had declined from 61.8% in December 2024 to 43.8% in June 2025, attributing the decline to prudent economic management.
However, the Minority questioned how much of the actual debt had been repaid to warrant such a claim.
“It is no secret that the painstaking efforts the NPP government made to restructure our debts… led to outright debt cancellation of US$5 billion and debt service savings of US$4.7 billion. What then did the NDC government do to claim a reduction in the public debt?” they asked.
They also disputed the Finance Minister’s claim of credit rating improvement, citing Fitch’s June 2025 statement, which linked the upgrade directly to the October 2024 Eurobond restructuring under the previous administration.
“Was Dr Ato Forson the Finance Minister in October 2024?” they questioned.
The Minority further criticised what they described as “propaganda economics” and a lack of integrity. “How do you criticise an exercise and accept the product of the same exercise? We know that Ghanaians understand this kind of economics – propaganda economics,” Amin Adam stressed.
However, according to the CEO of Dalex Finance, the public debt has largely reduced due to the appreciation of the cedi, and for that reason, whoever takes credit for the appreciation should also take credit for the reduction in public debt.
When asked who should be credited for the reduction in the country’s debt stock while speaking on TV3’s current affairs programme The Key Points on Saturday, August 2, 2025, Mr Jackson said:
“Who takes credit for the appreciation of the cedi? It has to be the current managers of the economy. There is a role to discipline — the discipline that has been applied in the management of our finances and keeping the reserves at the levels they have been to support the cedi.
“Some external factors also favoured, but whoever takes credit for the appreciation of the cedi should also take credit for the reduction in debt levels,” he stressed.
