Progressive People’s Party (PPP) Presidential Candidate, Dr Papa Kwesi Nduom has said a lean government could be a solution to the excessive borrowing of the country.

He said the current public debt stock of Ghana requires immediate measures to turn the tides around else the nation would plunge into bankruptcy.

“When you get to be in the position which is near the Highly Indebted Poor Countries (HIPC), a proper businessman would tell you that it is time to get lean,” he said.

Dr Nduom said a PPP government would reduce the number of ministers and deputy ministers to not more than 40 people who would genuinely serve the country.

The PPP standard bearer made these remarks during the Institute of Economic Affairs (IEA) 2016 Presidential Town Hall debate held at the Kempinski Gold Coast Hotel in Accra, Tuesday.

Ghana's public debt stock has been at the center of one of the heated political debates in the lead up to the 2016 presidential and parliamentary elections.

Related Article: Mahama has added 66 percent to Ghana’s debt – Bawumia

The two dominating political parties namely the governing National Democratic Congress (NDC) and New Patriotic Party (NPP) have peddled irreconcilable figures for the nation's debt.

NPP Vice Presidential Candidate, Dr Mahamudu Bawumia has accused President John Mahama of adding about 66 percent debt to Ghana's public debt.

At a public lecture held on September 8, the former Deputy Governor of Bank of Ghana (BoG) blamed what he said was the President's "mismanagement" of the nation's resources for the debt stock which was at GHC105 billion as at May 2016.

This claim was disputed by Finance Minister, Seth Terkper who said the NPP's Vice Presidential Candidate was peddling untruth to deceive Ghanaians.

Related Article: Ghana’s public debt hits GH¢112 billion as at September 2016

However, a document from Ghana's Central Bank has pegged the nation's debt stock as at September 2016 to GH¢112.4 billion.

BoG's Monetary Policy Committee (MPC) said Ghana's debt has gone up by GH¢6.2 billion from July to September 2016.

Dr Nduom said there is no denying the fact that Ghanaians are suffering because of the unrestrained borrowing of the NDC government.

"When it comes to the matter of debt, some people are denying it. We are a nation bogged down by debts," he said.

He said the 'mountainous' debt stock of Ghana could be blamed on the attitude of using state funds to sponsor political activities in the country.

He claimed President Mahama used the state kitty to fund his ambition to become the President of the country during the 2012 general elections.

Dr Nduom said the time has come for the country to reduce its expenditure as well as build infrastructure that would improve the lives of Ghanaians.