In a shocking revelation, President John Dramani Mahama has disclosed that Ghana’s Sinking Fund holds a paltry balance of just $64,000 and GHS143,000, contradicting claims by the previous Akufo-Addo administration that it left substantial reserves for debt repayment. Apexnewsgh reports
This bombshell was dropped during Mahama’s first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025.
Mahama’s address painted a grim picture of the country’s financial situation, inherited from his predecessor. “There have been claims that buffers were left for ongoing debt repayments in 2025. The Sinking Fund shows a balance of only $64,000 in the dollar account and GHS143,000 in the Cedi account,” Mahama revealed.
The president further highlighted Ghana’s mounting debt burden, which will require extensive work and sacrifices to repair.
According to Mahama, Ghana’s debt servicing over the next four years will total a staggering GHS280 billion, comprising GHS150 billion for domestic debt and GHS130 billion for external debt servicing.
This revelation is particularly concerning, given Ghana’s history of struggling with debt. Between 2017 and 2022, Ghana spent a whopping 42% of its revenue on debt servicing, with interest payments escalating sharply over the years. The country’s debt to revenue ratio reached an all-time high of 127% in 2020, making it one of the most debt-distressed nations in the world.
Mahama’s address serves as a wake-up call for Ghanaians, emphasizing the need for prudent financial management and responsible governance to restore stability to the economy.
Source: Apexnewsgh.com
