President John Dramani Mahama has acknowledged the economic difficulties facing Ghana but assured the nation of his administration’s commitment to restoring stability.
Delivering his first State of the Nation Address (SONA) since returning to office, he described the current state of the economy as deeply troubling but expressed confidence in his government’s plan to turn things around.
“The state of our nation is not good. We have inherited a country in financial distress, with a staggering public debt of GHȼ721 billion and rising inflation. In addition to the public debt, which amounts to a staggering GHȼ721 billion, several State-Owned Enterprises are also in debt, including ECG, which owes GHȼ68 billion.
“Ghana Cocoa Board—the hope of cocoa farmers—is also highly indebted. Its balance sheet indicates a total debt of GHȼ 32.5 billion, of which GHȼ 9.7 billion is due to be paid at the end of September 2025.
“Mr. Speaker, today, inspired by the almighty God and propelled by the massive mandate given me by the good people of Ghana, I am moved to make a similar purposeful and bold declaration. That, I, John Dramani Mahama, will fix the economic crisis confronting our country and reset it on a path of growth and prosperity,” he pledged.
The president highlighted key economic recovery measures, including fiscal discipline, reducing government expenditure, and enhancing domestic revenue mobilisation.
He also announced a National Economic Dialogue to be held in March to gather input from stakeholders on the best path forward.
“We are committed to leading a lean government. My administration will have only 60 ministers and deputies to cut down unnecessary spending. We will also rationalise tax policies and encourage investment to boost productivity,” he stated.
“We look forward to a positive economic outlook as we restore macroeconomic stability, encourage exports, activate the 24-Hour Economy initiative, implement the US$ 10 billion ‘Big Push’ policy for swift infrastructure development, rationalise taxes, and foster inclusive growth,” he added.
The President reaffirmed his administration’s commitment to working with international partners, including the IMF, to restructure Ghana’s debt while building domestic capacity for long-term economic sustainability.
thebftonline.com
