SONA25: ECG Owes 68 Billion Cedis
The President of the Republic, John Dramani Mahama, says the Electricity Company of Ghana (ECG) is in critical condition.
The President, making Ghanaians appreciate the enormity of work on his government, revealed that the ECG has incurred so much debt, owing a sum of 68 million cedis.
“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 said.
However, the President has pledged to resolve the looming electricity problem stressing “I wish to place firmly on record that from that from January 2016 until I handed over the administration of this country on January 7th, 2017, there was no power rationing or load management in Ghana”.
“Mr. Speaker, today, inspired by the Almighty God and propelled by the massive mandate given to me by the good people of Ghana, I am moved to make a similar purposeful and bold declaration that I, John Dramani Mahama, I will fix the economic crisis confronting our country and reset it on the path of growth and prosperity. My government working with you and every Ghanaian will solve the challenges because we have developed the plan with our people’s support”, he added.
The President made this commitment while addressing the nation today in Parliament.
Source: Ghmessenger.com
