President John Dramani Mahama has delivered a sobering assessment of Ghana’s economic situation, describing the nation as “broken on many fronts” due to overwhelming debt and financial mismanagement.
Presenting his first State of the Nation Address (SONA) of his second term to Parliament in Accra on Thursday, February 27, Mahama detailed the country’s dire financial state, citing unsustainable debt levels and the mismanagement of key state institutions.
He revealed that Ghana’s public debt has skyrocketed to GHS721 billion, placing immense strain on the economy. He also highlighted the precarious financial conditions of major state-owned enterprises, including the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), both struggling under massive 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.
He further broke down the crisis, explaining:
• The Electricity Company of Ghana (ECG) owes GHS68 billion.
• Ghana COCOBOD, once the backbone of cocoa farmers, is heavily indebted, with a total debt of GHS32.5 billion, including GHS9.7 billion due by September 2025.
Mahama’s revelations underscore the severity of Ghana’s economic crisis and reinforce the urgent need for financial restructuring and responsible governance to restore stability.