Vice President Dr

He has indicated that it inherited a heavily indebted economy and it will take time to settle it.

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Senior Minister Yaw Osafo Marfo some months ago stated that the debts left by the NDC administration will render Akufo-Addo's government stagnant if he tries to pay them all off.

Opening the 69th edition of the Annual New Year School at the University of Ghana on Monday, January 15, 2018, Dr Bawumia said the government in just less than two years of the new government, the current administration has paid off significant arrears to tune of GH¢1.45 billion.

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He said the government inherited validated arrears for Statutory Funds, Capex, Compensation and Goods and Services, that were accumulated by the NDC government which amounted to GH¢3.1 billion.

"In fact, in just one year we have paid almost half of the arrears accumulated by the NDC government while staying current on existing obligations," he added.