President John Dramani Mahama has painted a grim picture of Ghana’s economic situation, describing it as “broken on many fronts” due to staggering debt and financial mismanagement.
In his first State of the Nation Address (SONA) of his second term, presented to Parliament on Thursday, February 27, President Mahama disclosed that Ghana’s public debt had soared to GHS721 billion, placing immense pressure on the country’s economy.
He also highlighted the dire financial condition of major state-owned enterprises, including the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), which are struggling under heavy debt burdens.
“We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” President Mahama stated.
According to him, the ECG owes GHS68 billion, while COCOBOD’s balance sheet indicates a total debt of GHS32.5 billion, with GHS9.7 billion due to be paid by the end of September 2025.
President Mahama emphasized the need for urgent measures to address the economic downturn, including strategic policies to boost local industries, improve revenue generation, and manage public debt effectively .
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