President John Dramani Mahama has sounded the alarm over Ghana’s escalating debt crisis, describing it as a national emergency affecting key sectors of the economy, particularly energy.
Delivering his first State of the Nation Address (SONA) of his second term before Parliament in Accra on Thursday, February 27, 2025, Mahama lamented that the country was facing an unprecedented economic challenge marked by unsustainable debt levels and the mismanagement of crucial state institutions.
He disclosed that Ghana’s public debt had surged to GHS721 billion, warning that the burden was exerting severe pressure on the economy.
“We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” he stated.
Beyond the national debt, Mahama revealed that several state-owned enterprises were also deeply in debt, with the Electricity Company of Ghana (ECG) owing GHS68 billion.
“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,” he added.