President John Mahama says Ghanas total debt stock since independence is 24 billion dollars, rejecting claims by the running mate of the New Patriotic Party, Dr. Mahamadu Bawumia that his government is engaged in excessive borrowing.

On Monday, he told TV3 claims that his government is over borrowing are exaggerated.

“There is a lot of exaggeration about borrowing. The borrowing has not been excessive. I heard one of the candidates say during this government, we have borrowed $37 billion,” he said.

“The total debt of Ghana, as it stands today from independence, is $24 billion."

Bawumia told University of Development students in Wa last month that in US dollars the Mahama administration “has borrowed the equivalent (at the time of borrowing) of about $37 billion in seven years."

But president Mahama said in an interview with TV3 “how can this government have borrowed $37 billion? Does it make mathematical sense to you?

“And then this person goes repeating it over and over again for what purpose you don’t know.”

“We must tell people the truth. The thing is, you can’t lie your way to power,” he said.