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President John Dramani Mahama has raised concerns over the state of Ghana’s financial sector, noting that despite a GHS29.9 billion expenditure on the financial sector cleanup, the industry remains in distress.
Delivering his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025, President Mahama highlighted the persistent financial challenges and the country’s growing debt burden.
“The financial sector continues to struggle despite the reportedly spending of GHS29.9 billion on the financial sector cleanup exercise to date,” Mahama stated.
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He further projected that Ghana’s debt servicing over the next four years will amount to GHS280 billion, with GHS150 billion allocated for domestic debt and GHS130 billion for external debt servicing.
Mahama stressed the urgent need for decisive reforms to stabilise the financial sector and prevent further economic deterioration. He called for increased transparency and efficiency in managing public funds to ensure sustainable economic recovery.
His remarks have reignited debates on the effectiveness of previous financial interventions, with stakeholders urging the government to implement concrete measures to strengthen the sector and restore public confidence in Ghana’s economy.
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