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Ghana’s Sinking Fund has a balance of only $64,000 and GHS143,000, according to President John Dramani Mahama, defying assertions made by the previous Akufo-Addo administration that it had significant reserves for debt payments.
President Mahama discussed the financial predicament left by his predecessor in his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025.
“There have been claims that buffers were left for ongoing debt repayments in 2025. The Sinking Fund shows a balance of only $64,000 in the dollar account and GHS143,000 in the Cedi account,” Mahama revealed.
He also emphasized the nation’s growing debt load and the difficulties in achieving economic stability.
“It will take a lot of effort and sacrifice to fix the effects of the accumulation and the economic mismanagement,” he said.
The president estimates that GHS280 billion would be spent on debt servicing in Ghana over the next four years, of which GHS150 billion will be spent on domestic debt and GHS130 billion on overseas debt.
“In the next four years, our debt servicing will amount to GHS280 billion and comprises GHS150 billion for domestic debt and GHS130 billion in external debt servicing,” Mahama highlighted.
Source: Ghanatodayonline.com
