President John Dramani Mahama has disclosed that Ghana’s Sinking Fund holds a balance of just $64,000 and GHS143,000, contradicting claims by the previous Akufo-Addo administration that it left substantial reserves for debt repayment.
Delivering his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025, 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 revealed.
He further highlighted the country’s mounting debt burden and the challenges ahead in stabilizing the economy.
“The repercussions of the accumulation and the economic mismanagement will require extensive work and sacrifices to repair,” he stated.
According to the president, Ghana’s debt servicing over the next four years will total GHS280 billion—comprising 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.
Credit: CNR