President John Dramani Mahama has delivered a stark assessment of Ghana\u2019s economic situation, describing the nation as \u201cbroken on many fronts\u201d due to staggering debt and financial mismanagement.<\/p>\n\n\n\n
Presenting his first State of the Nation Address (SONA) of his second term to Parliament in Accra on Thursday, February 27, he painted a grim picture of the country\u2019s finances, pointing to unsustainable debt levels and mismanagement of key state institutions.<\/p>\n\n\n\n
Ghanaian-themed art<\/p>\n\n\n\n
Mahama disclosed that Ghana\u2019s public debt has soared to GHS721 billion, placing immense pressure on the country\u2019s economy. He further highlighted the dire financial condition of major 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.<\/p>\n\n\n\n
\u201cWe are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,\u201d Mahama stated.<\/p>\n\n\n\n
\u201cIn 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.<\/p>\n\n\n\n
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.\u201d<\/p>\n\n\n\n
Ghanaian-themed art<\/p>\n\n\n\n
The president\u2019s revelations underscore the severity of Ghana\u2019s economic crisis, reinforcing the urgent need for financial restructuring and responsible governance to restore stability.<\/p>\n","protected":false},"excerpt":{"rendered":"
President John Dramani Mahama has delivered a stark assessment of Ghana\u2019s economic situation, describing the nation as \u201cbroken on many fronts\u201d due to staggering 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, he painted a grim picture of […]<\/p>\n","protected":false},"author":8,"featured_media":45425,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[43,1],"tags":[4553,946,7971,1747,8440,6725,198,5196,5800,1074,12565,9127,192,4521,1031,6638,130,1198,3805,5453,11688],"class_list":["post-45424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","category-news","tag-accra","tag-cocoa","tag-cocoa-farmers","tag-cocobod","tag-crisis","tag-debt","tag-ecg","tag-economy","tag-electricity","tag-electricity-company-of-ghana","tag-farmers","tag-february","tag-ghana","tag-ghanaian","tag-john-dramani-mahama","tag-john-mahama","tag-mahama","tag-parliament","tag-president","tag-sona","tag-state-of-the-nation"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/45424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=45424"}],"version-history":[{"count":1,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/45424\/revisions"}],"predecessor-version":[{"id":45426,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/45424\/revisions\/45426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/45425"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=45424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=45424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=45424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}