The New National Party (NNP) is deeply concerned by the Government of Grenada’s June 30 press release, which attempts to mislead the Grenadian people into believing that the nation’s debt burden is on the decline under the current NDC administration.
While the press statement boasts of a reduction in Grenada’s public debt-to-GDP ratio to 71.3%
in 2024—what it deliberately conceals is the stark reality: Grenada’s public debt in absolute
terms has increased by more than EC$700 million in just over two years under the NDC.
Let us remind the public of the facts:
● According to the Fiscal Responsibility Report at the end of 2022, when NNP
demitted Office, Grenada’s total public debt stood at EC$2. billion, with a
debt-to-GDP ratio of 69.1%.
● By the end of 2023 under the NDC, that ratio had already climbed to 75.1%—a dramatic
increase of 6% in just one year, without a single new capital investment project.
● Fast forward to the end of 2024 under the NDC: the Ministry now reports the debt stock
at EC$2.73 billion.
● That is an increase of more than EC$730 million — almost a billion dollars, a
staggering rise in less than three years, hidden behind percentages and ratio tricks.
The NDC is attempting to shift focus from the widespread corruption that is plaguing this administration, the continued increase in cost of living that the Grenadian people are struggling with everyday, the housing crisis in Carriacou and Petite Martinique, and their overall failure in governance of the country.
