President John Dramani Mahama has disclosed that Ghana’s public debt has surged to GH₵721 billion, painting a grim picture of the country’s economic health.
Delivering his first State of the Nation Address on Thursday, February 27, 2025, he blamed the financial crisis on mismanagement by the previous administration, citing severe debt burdens across key state-owned enterprises.
Mahama revealed that the Electricity Company of Ghana (ECG) owes GH₵68 billion, while the Ghana Cocoa Board (COCOBOD) is burdened with GH₵32.5 billion in liabilities, including GH₵9.7 billion due for repayment by September 2025.
Read Also: Foreign Affairs Ministry calls for improved treatment of Ghanaians at Visa centres
A major concern, he noted, is COCOBOD’s failure to deliver 333,767 metric tons of cocoa already sold at $2,600 per ton during the 2023/2024 season, leading to an $840 million revenue loss.
Further supply delays could cost Ghana an additional $495 million.
“Our economy is in disarray, and that is putting it mildly,” Mahama told Parliament, stressing that even IMF restrictions failed to curb reckless financial decisions.
The new administration has pledged swift reforms to stabilize the economy, restore investor confidence, and address the country’s growing fiscal crisis.
