Ghana’s public debt has risen to GH₵721 billion, President John Dramani Mahama revealed on Thursday, February 27, 2025.
Addressing Parliament in his first State of the Nation Address since assuming office, he said the country is facing severe economic challenges due to high debt levels and poor financial management by the previous administration.
“Our economy is in disarray, and that is putting it mildly. After an initial assessment of the books, we have discovered that our economic problems are much deeper than was publicly known,” he told lawmakers on Thursday.
According to Mahama, major state-owned enterprises, including the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), are struggling with significant debts. ECG owes GH₵68 billion, while COCOBOD’s total debt stands at GH₵32.5 billion, with GH₵9.7 billion due for payment by the end of September 2025.
The President also disclosed that COCOBOD had failed to supply 333,767 metric tons of cocoa that had already been sold at $2,600 per ton during the 2023/2024 crop season. This, he said, has resulted in a revenue loss of $840 million. Additionally, Ghana is expected to lose another $495 million due to cocoa supply delays under rolled-over contracts.
“Not even the restraints of an IMF programme were enough for the previous managers of the economy to exercise prudence in the management of our finances. We are saddled with mind-boggling debts and glaring signs of almost deliberate mismanagement of our resources,” Mahama said.
The government has pledged to take urgent measures to stabilize the economy and restore confidence in Ghana’s financial system.