President John Dramani Mahama revealed the truth about the state of Ghana’s finances during his first State of the Nation Address of his second term on Thursday, February 27, 2025.
According to President Mahama, Ghana’s Sinking Fund, which was meant to provide a financial cushion for debt repayment, has been depleted to a mere $64,000 and GHS143 million.
This revelation contradicts claims made by the previous Akufo-Addo administration that it had left substantial reserves for debt repayment.
“There have been claims that buffers were left for ongoing debt repayments in 2025. The Sinking Fund shows a balance of only $64,000 in the dollar account and GHS143,000 in the Cedi account,” Mahama revealed.
He further highlighted the country’s mounting debt burden and the challenges ahead in stabilizing the economy.
“The repercussions of the accumulation and the economic mismanagement will require extensive work and sacrifices to repair,” he stated.
President John Dramani Mahama has revealed that Ghana’s debt servicing costs will reach a staggering GHS280 billion over the next four years. This massive financial burden breaks down into GHS150 billion for domestic debt and GHS130 billion for external debt servicing
“In the next four years, our debt servicing will amount to GHS280 billion and comprises GHS150 billion for domestic debt and GHS130 billion in external debt servicing,” Mahama emphasized.
Baina Multimedia/Khadijahtu Kubura Kailani
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