President John Dramani Mahama has disclosed that despite the previous government’s expenditure of GHS29.9 billion on the financial sector cleanup exercise, the sector remains in distress.
Delivering his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025, he highlighted the persistent financial challenges and the heavy debt burden facing the country.
“The financial sector continues to struggle despite the reportedly spending of GHS29.9 billion on the financial sector cleanup exercise to date,” Mahama stated.
He further projected that Ghana’s debt servicing over the next four years will reach a staggering GHS280 billion, comprising GHS150 billion for domestic debt and GHS130 billion for external debt servicing.
The president stressed the urgent need for decisive action to stabilize the financial sector and prevent further economic deterioration.
“The national debt now stands at an alarming GH¢721 billion, while several state-owned enterprises are also deep in debt, worsening our economic woes,” he stated.
