President John Dramani Mahama has delivered a sobering assessment of Ghana’s economic state, declaring that the nation is “broken on many fronts” due to staggering debt and financial mismanagement.
Presenting his first State of the Nation Address (SONA) of his second term to Parliament on Thursday, February 27, Mahama highlighted Ghana’s unsustainable debt levels and the poor financial health of key state institutions.
He revealed that the country’s public debt has soared to GHS721 billion, straining the economy. Major state-owned enterprises, including the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), are also grappling with severe financial burdens.
“We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” Mahama stated.
He disclosed that ECG owes GHS68 billion, while COCOBOD is struggling with a total debt of GHS32.5 billion, with GHS9.7 billion due for payment by September 2025.
The president’s revelations underscore the urgent need for financial restructuring and responsible governance to restore economic stability.
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