Ghana’s public debt hits GHS721bn; ECG owes GHS68bn, COCOBOD GHS32.5bn, Energy Sector owes GHS45bn – Mahama

His Excellency the president of the Republic of Ghana has delivered a bleak appraisal of the country’s economic condition, identifying the nation as “broken on many fronts” as a result of the astounding debt and mismanagement of finance.

Delivering his first State of the Nation Address (SONA) for his second term in parliament in Accra on Thursday February 27, 2025, Mahama explained the financial state of the country, indicating stringy debt level and mismanagement of primal state institutions.

The president revealed that, the country’s public debt has surged to GHS721 billion as at December 2024, placing plunge pressure on the State’s economy. Moreover, He emphasized the dread financial condition of major state-owned enterprises such as the Ghana Cocoa Board (COCOBOD), Electricity Company of Ghana (ECG) which are fighting heavy debt burdens.

In a statement President Mahama said, “We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources, “In addition to this, aside public debt of GHS721 billion, several state-owned enterprises like COCOBOD owns GHS3.25 billion and ECG is in debt of GHS68 billion”.

He also added saying, “part of COCOBOD’s debt which is GHS9.7 billion is due to be paid by the end of September 2025 and Ghanaian farmers and the enterprise loses a sum of $4000 in revenue whereas the Energy sector is as well in debt of GHS45 billion”.

Mahama’s disclosure highlights the asperity of Ghana’s economic crises making it a need to reconstitute the financial state of the country and restoring good governance and stability.

The President said that, “I John Dramani Mahama will not lament and shift blames but rather He will fix and resolve them to reset the country’s economic growth and prosperity”.