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President John Dramani Mahama has revealed that despite the previous government spending GHS29.9 billion on the financial sector cleanup, the industry remains in distress.
Delivering his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025, Mahama emphasized the ongoing financial challenges and Ghana’s heavy debt burden.
“The financial sector continues to struggle despite the reportedly spending of GHS29.9 billion on the financial sector cleanup exercise to date,” he stated.
The president also warned that Ghana’s debt servicing obligations over the next four years will reach a staggering GHS280 billion, consisting of GHS150 billion for domestic debt and GHS130 billion for external debt servicing.
Mahama stressed the urgency of decisive action to stabilize the financial sector and prevent further economic deterioration.
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