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President John Dramani Mahama has delivered a sobering assessment of Ghana’s economic situation, warning that the nation is “broken on many fronts” due to massive debt and financial mismanagement.
Presenting his first State of the Nation Address (SONA) of his second term before Parliament in Accra on Thursday, February 27, Mahama highlighted unsustainable debt levels and the mismanagement of key state institutions as major threats to the country’s economic stability.
He revealed that Ghana’s public debt has skyrocketed to GHS721 billion, placing severe strain on the economy. He also drew attention to the critical financial struggles of major state-owned enterprises, particularly the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), both of which are grappling with heavy debt burdens.
“We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” Mahama stated.
Providing further details, he noted: “In addition to the public debt, which amounts to a staggering GHS721 billion, several state-owned enterprises are also in debt, including the ECG, which owes GHS68 billion.”
He also highlighted the financial crisis within the cocoa sector, stating: “Ghana COCOBOD, the hope of cocoa farmers, is highly indebted. Its balance sheet indicates a total debt of GHS32.5 billion, of which GHS9.7 billion is due to be paid by the end of September 2025.”
Mahama’s revelations underline the gravity of Ghana’s economic crisis, stressing the urgent need for financial restructuring and responsible governance to restore economic stability and ensure the country’s long-term growth.
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