President John Dramani Mahama has delivered a stark assessment of Ghana’s economic situation, describing the country as “broken on many fronts” due to excessive debt and financial mismanagement.

In his first State of the Nation Address (SONA) during his second term on Thursday, February 27, Mahama outlined the alarming scale of the nation’s economic struggles, attributing them to unsustainable debt levels and poor governance of key state institutions.

He revealed that Ghana’s public debt has surged to GH¢721 billion, a significant risk to the country’s financial stability. The President also expressed concern over the financial difficulties facing state-owned enterprises, particularly the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD).

“We are burdened with staggering debts and clear evidence of, in some cases, deliberate and reckless mismanagement of our resources,” Mahama said.

The ECG, according to Mahama, owes GH¢68 billion, casting doubt on its ability to maintain reliable electricity supply. Similarly, COCOBOD, which plays a crucial role in Ghana’s cocoa industry, has racked up GH¢32.5 billion in debt, with GH¢9.7 billion due for repayment by September 2025.

The President warned that the current financial crisis posed a serious threat not only to the country’s economy but also to the livelihoods of ordinary Ghanaians. He called for urgent financial restructuring, improved fiscal discipline, and greater transparency to prevent further economic deterioration.

Mr. Mahama reassured the public that his administration is committed to tackling these challenges, focusing on sound fiscal policies and transparent governance to restore economic stability and confidence.

Source:TheDotNews