Ghana's Public Debt Hits GHS721 Billion; ECG and COCOBOD Struggle with Billions in Debt - Mahama
Parliament House/Accra, Ghana - 27 Feb, 2025 - Ghana's economy is suffocating under a staggering GHS721 billion debt, with state-owned enterprises adding another GHS100.5 billion to the burden, President John Dramani Mahama has revealed in a stark assessment of the country's financial situation.
Delivering his first State of The Nation Address in Parliment on Thursday 27 Feb, 2025, he noted that, this alarming debt load has raised concerns about Ghana's ability to service its debt, with the Electricity Company of Ghana owing GHS68 billion and the Ghana Cocoa Board struggling with a GHS32.5 billion debt.
“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. 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.
Source: Lead News Online
