President John Dramani Mahama has delivered a sombre evaluation of Ghana’s financial situation.
He described the nation as “damaged on many fronts” because of extreme debt and monetary mismanagement.
Talking in Parliament throughout his first State of the Nation Tackle (SONA) in his second time period on Thursday, twenty seventh February, he highlighted the nation’s financial struggles, attributing them to unsustainable debt ranges and poor governance of state establishments.
Mr Mahama revealed that Ghana’s public debt has escalated to GH¢721 billion, posing a extreme menace to the nation’s monetary stability.
He expressed concern over the dire state of key state-owned enterprises, significantly the Electrical energy Firm of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), each of that are burdened with important debt and struggling to maintain their operations.
“We’re burdened with staggering money owed and clear proof of, in some instances, deliberate and reckless mismanagement of our assets,” Mahama acknowledged.
“The nationwide debt now stands at an alarming GH¢721 billion, whereas a number of state-owned enterprises are additionally deep in debt, worsening our financial woes.”
He additional disclosed that ECG alone has amassed a debt of GH¢68 billion, elevating considerations about its capability to offer dependable electrical energy companies.
In the meantime, COCOBOD, a significant establishment in Ghana’s cocoa trade, owes GH¢32.5 billion, with GH¢9.7 billion due for compensation by September 2025.
The president warned that this monetary disaster isn’t solely an indication of poor financial administration but additionally a severe menace to the well-being of abnormal residents.
He emphasised the pressing want for complete monetary restructuring, improved fiscal self-discipline, and clear governance to stabilise the financial system and forestall additional deterioration.
The President assured Ghanaians that his administration is dedicated to addressing these challenges and implementing insurance policies aimed toward restoring financial confidence.
He reaffirmed his authorities’s dedication to prudent monetary administration, making certain that nationwide assets are utilised successfully for long-term development and stability.
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