President John Dramani Mahama has described Ghana’s economy as “broken on many fronts” due to overwhelming debt and financial mismanagement.
Delivering his first State of the Nation Address (SONA) of his second term to Parliament on Thursday, February 27, Mahama revealed that Ghana’s public debt has skyrocketed to GHS721 billion, putting immense strain on the nation’s economy.
He also pointed to the troubling financial state of key state-owned enterprises, including the Electricity Company of Ghana (ECG), which owes GHS68 billion, and the Ghana Cocoa Board (COCOBOD), burdened with a debt of GHS32.5 billion.
“We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” Mahama stated.
“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.
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.”
The president’s revelations underscore the severity of Ghana’s economic crisis, reinforcing the urgent need for financial restructuring and responsible governance to restore stability.
