[SONA] – Mahama Declares Ghana’s Economy ‘Broken on Many Fronts’ Amid Debt Crisis
Accra, Ghana – February 27, 2025
President John Dramani Mahama has painted a grim picture of Ghana’s economic state, describing the nation as “broken on many fronts” due to staggering debt and financial mismanagement.
Delivering his first State of the Nation Address (SONA) of his second term, Mahama revealed that Ghana’s public debt has surged to GHS721 billion, placing immense strain on the economy.
He highlighted the crippling financial conditions of key state-owned enterprises, including the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), both of which are struggling under 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.
The President disclosed that:
- The ECG owes GHS68 billion, raising concerns about its financial sustainability.
- COCOBOD, a vital institution for Ghana’s cocoa farmers, is in GHS32.5 billion debt, with GHS9.7 billion due by September 2025.
Mahama’s revelations emphasize the urgency of financial restructuring and responsible governance to restore economic stability and prevent further deterioration of state institutions.
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