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President John Dramani Mahama has painted a bleak picture of Ghana’s economic situation, warning that the nation is “broken on many fronts” due to overwhelming debt and financial mismanagement.
Delivering his first State of the Nation Address (SONA) of his second term to Parliament on Thursday, February 27, President Mahama stressed that the country’s finances are in dire straits, with unsustainable debt levels and failing state institutions exacerbating the crisis.
The President revealed that Ghana’s public debt has ballooned to GHS721 billion, placing immense strain on the economy.
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He also pointed to the financial struggles of major state-owned enterprises, such as the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), both of which are drowning in debt.
“We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” Mahama stated.
“In addition to the public debt, which amounts to a staggering GHS721 billion, several state-owned enterprises are also in debt, including the ECG, which owes GHS68 billion. Ghana COCOBOD, the hope of cocoa farmers, is highly indebted. Its balance sheet indicates a total debt of GHS32.5 billion, of which GHS9.7 billion is due to be paid by the end of September 2025.”
The president’s candid assessment highlights the urgency of financial restructuring and responsible governance to restore stability.
He called on policymakers and stakeholders to work together to implement immediate reforms to avert further economic deterioration.
As Ghana grapples with these fiscal challenges, the government faces mounting pressure to introduce measures that will curb wasteful spending, enhance revenue generation, and restore investor confidence in the nation’s economy.
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