President John Dramani Mahama revealed a startling truth about Ghana’s Sinking Fund, which holds a mere $64,000 and GHS143,000, contradicting claims by the previous Akufo-Addo administration that they left substantial reserves for debt repayment.
In his first State of the Nation Address (SONA) of his second term, President Mahama addressed the 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 stated.
The president highlighted the country’s mounting debt burden, emphasizing that Ghana’s debt servicing over the next four years will total GHS280 billion.
This includes GHS150 billion for domestic debt and GHS130 billion for external debt servicing. “In the next four years, our debt servicing will amount to GHS280 billion and comprises GHS150 billion for domestic debt and GHS130 billion in external debt servicing,” Mahama emphasized.
Mahama also warned that the repercussions of the accumulation and economic mismanagement will require extensive work and sacrifices to repair. “The repercussions of the accumulation and the economic mismanagement will require extensive work and sacrifices to repair,” he stated.
This revelation raises concerns about Ghana’s ability to manage its debt and stabilize its economy.