President John Dramani Mahama delivered a stark assessment of Ghana’s economic situation, describing the nation as “broken on many fronts” due to staggering debt and financial mismanagement.
During his first State of the Nation Address (SONA) in his second term before Parliament in Accra on Thursday, February 27, Mahama highlighted the country’s dire financial state, pointing to unsustainable debt levels and the mismanagement of key state institutions.
Mahama revealed that Ghana’s public debt has soared to GHS721 billion, putting immense strain on the economy. He also emphasized the precarious financial positions of major state-owned enterprises, such as the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), both burdened by heavy debt.
“We are burdened with staggering debts and clear signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” Mahama stated.
“In addition to the public debt, which stands at a staggering GHS721 billion, several state-owned enterprises are also in deep financial distress. The ECG alone owes GHS68 billion, while COCOBOD, once the backbone of cocoa farmers, is burdened with GHS32.5 billion in debt, GHS9.7 billion of which is due by the end of September 2025.”
The president’s revelations highlight the severity of Ghana’s economic crisis and the urgent need for financial restructuring and responsible governance to restore stability.
