President John Dramani Mahama has asserted that the accumulated debt of the country, which is a result of economic mismanagement by the previous government, will require extensive work and sacrifice to be able to pay.
While delivering his first State of the Nation Address (SONA) in parliament on Thursday, January 27, 2025, the president highlighted Ghana’s substantial accumulated debts, revealing a public debt totaling 721 billion cedis. Notably, several state-owned enterprises, including the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD).
“In addition to the public debt, which amounts to a staggering 721 billion cedis, several state-owned enterprises are also in debt, including the ECG, which owes 68 billion Ghana cedis. Ghana COCOBOD, the hope of cocoa farmers is also highly indebted.”
According to him, this debt is a result of the previous government’s decision to award road contracts valued at over a billion dollars, which, to him, was an election-motivated move.
He emphasized that this accumulated debt has significantly impacted infrastructural projects that should have been completed.
“Currently, there are 55 stored projects due to the default of debts and subsequent restructuring, with a total value of 2.95 billion dollars not disbursed.”
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He, however, assured that he remains committed to leading the country, noting that he would do all he could to solve these issues and reset the economy.
“Notwithstanding this gloomy background, I remain committed to leading this government and taking very necessary step to reset our economy, getting things back on track, and working with the good people of our country to build the Ghana we want.”