He says despite the huge increase in the public debt stock, the government has nothing to show for all the loans it has contracted.
Addressing delegates of the National Democratic Congress (NDC) at Kete-Krachi in the Krachi West Constituency as part of his weeklong campaign tour of the Volta Region, Mr Mahama recalled how the then opposition New Patriotic Party (NPP) was accusing his government of borrowing to finance major infrastructure projects.
He said the GH¢40 billion borrowed by his administration over a four-year period was invested in the areas of healthcare, education, water, electricity and roads, among other social infrastructure projects spread across the country.
“Arithmetically, borrowing 50 billion Ghana Cedis in just two years means the NPP government is borrowing 25 billion every year with nothing to show Ghanaians; what is the money being used for?” he asked.
Mr Mahama urged NDC delegates to work hard to bring the party to power in the 2020 elections to help reduce the high cost of living and provide jobs for Ghanaians.