In his first State of the Nation Address (SONA) on Thursday, February 27, 2025, President John Dramani Mahama sought to calm growing anxieties surrounding Ghana’s economic outlook, assuring bondholders that his government is fully committed to honoring all financial obligations, despite the nation’s current fiscal challenges.
“Bondholders can rest assured that they will be paid up to the last pesewa,” Mahama declared, addressing concerns about the country’s financial stability and the impact of previous debt restructuring measures.
The President’s reassurance comes amid fears over Ghana’s mounting debt burden, exacerbated by the energy sector’s staggering GHC 70 billion liability. Mahama noted that agencies within the sector continue to struggle under this weight, underscoring the financial challenges inherited from the previous administration.
“The past government left a debt of GHC 70 billion in the energy sector, and agencies in the sector are fighting to stay afloat,” he revealed.
While acknowledging the deep economic hardships faced by ordinary Ghanaians, Mahama remained optimistic about the nation’s recovery. He pledged to confront the crisis with bold and transformative policies, aligning his vision with his broader “resetting agenda.” This agenda, he emphasized, focuses on structural reforms, job creation, and sustainable economic growth.
A key component of Mahama’s speech was a call for bipartisan cooperation in addressing Ghana’s economic challenges. He urged the opposition New Patriotic Party (NPP) to engage in the upcoming national economic dialogue, stressing that collective action is essential to navigate the country’s financial crisis.
“It is my hope that our colleagues on the other side will participate in the economic dialogue, unlike the boycott of the Senchi Forum,” Mahama said, referencing the 2014 Senchi Forum, which aimed to create economic recovery policies but was boycotted by the NPP during Mahama’s first term.
Mr. Mahama’s comments signal a renewed effort for collaboration across party lines, as he pushes for a unified approach to tackling the economic turmoil
Source:TheDotNews