SONA25: Ghana’s Economic Problems Are Much Deeper Than I Knew – Mahama
President John Dramani Mahama has disclosed what he stresses is the true state of Ghana’s economy currently.
The President, delivering his first State of the Nation Address before Parliament today, noted that Ghana is saddled with overwhelming debts.
According to him, though he was fully aware he would inherit a sinking economy, he was however stunned to find out how deep the previous Akufo-Addo government had mismanaged the economy before leaving government in 2024.
“I am sad to report that our state of the nation is not good…When I decided to run for President again, I did so because of what I knew about the state of our country. I was aware that huge problems awaited me upon assumption of office but nothing could prepare anyone for the reality of the depth to which our economy and our governance had sunk. Our elders say that a frog’s true length can be ascertained only after it has died and how right they were. It is common knowledge that our economy is in dire straits.”
The President further noted; “After initial assessment of the books, we have discovered that our economic problems are much deeper than was previously known. We have inherited a country that is broken on many fronts. The profundities of the challenges confronting us are staggering. We are saddled with staggering debts and glaring signs of almost deliberate and in some cases reckless mismanagement of our resources.”
“Mr. Speaker, not even the restraints of an IMF programme were enough for the previous economic managers to exercise prudence in managing our finances. After setting an inflation target of 18 percent by the end of 2024, the actual outturn was 23.8 percent, significantly higher than the threshold agreed with the IMF.
“The Ghana cedi continued its downward slide losing 19 percent of its value against the dollar in 2024. It had already in the previous year lost 27.8 percent of its value. In addition to the public debt which amounts to a staggering 721 billion cedis, several State-owned enterprises are also in debt including the ECG which owes GHC 68 billion”, he also revealed.
President John Mahama however promised to fix the economy saying “not withstanding this gloomy background, I remain committed to leading this government and taking every necessary step to reset our economy, getting things back on track and working with the good people of our country to build the Ghana we want”.
Source: Ghmessenger.com
