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Ghana’s economic predicament has been harshly assessed by President John Dramani Mahama, who has called the country “broken on many fronts” as a result of crippling debt and poor financial management.
On Thursday, February 27, he gave Parliament in Accra his first State of the Nation Address (SONA) of his second term. He presented a dire assessment of the nation’s financial situation, highlighting unmanageable debt levels and poor management of important state institutions.
Ghana’s public debt has skyrocketed to GHS721 billion, Mahama revealed, putting tremendous strain on the nation’s economy. He also emphasized the catastrophic financial situation of significant state-owned businesses, such as the Ghana Cocoa Board (COCOBOD) and the Electricity Company of Ghana (ECG), both of which are suffering from significant debt problems.
“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.
The cocoa farmers’ hope, Ghana COCOBOD, is heavily indebted. According to its balance sheet, it owes GHS32.5 billion in total debt, of which GHS9.7 billion must be paid by the end of September 2025.”
The president’s disclosures highlight how serious Ghana’s economic situation is and how urgently responsible governance and financial restructuring are required to bring stability back.
Source: Ghanatodayonline.com
