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President John Dramani Mahama has painted a bleak picture of Ghana’s economy, revealing that the country is struggling under massive debt.
Delivering his first State of the Nation Address (SONA) of his second term on February 27, 2025, he described the nation as “broken on many fronts” due to financial mismanagement and unsustainable debt levels.
According to Mahama, Ghana’s public debt has surged to GHS721 billion, placing severe strain on the economy. He also highlighted the precarious financial state of major state-owned enterprises.
- The Electricity Company of Ghana (ECG) owes GHS68 billion.
- The Ghana Cocoa Board (COCOBOD) has accumulated a GHS32.5 billion debt, with GHS9.7 billion due for repayment by September 2025.
“We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” Mahama stated.
