President John Dramani Mahama has opened up on Ghana's economic predicament describing the country as "broken on many fronts" as a result of the overwhelming debt and poor financial management.
On Thursday, February 27 during his first State of the Nation Address (SONA) of his second term, he presented a dire assessment of the nation's financial situation, highlighting excessive debt levels and poor management of important state institutions.
Mahama disclosed that Ghana's public debt has skyrocketed to GHS721 billion, making it difficult for the country's economy.
He further disclosed the poor financial condition of major state-owned enterprises, including the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), both of which have been struck with heavy debts. "We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources," Mahama stated. "In addition to the public debt, which amounts to a staggering GHS721 billion, several state-owned enterprises are also in debt, including the ECG, which owes GHS68 billion. "Ghana COCOBOD, the hope of cocoa farmers, is highly indebted.
