President John Dramani Mahama has revealed that state-owned enterprises Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), both are struggling under heavy debt burdens.
John Mahama detailed the Electricity Company of Ghana owes GHS68 billion while the Ghana Cocoa Board owes GHS32.5 billion.
According to John Mahama, the staggering debts are a glaring sign of almost deliberate and, in some cases, reckless mismanagement of our resources.
Delivering his first State of the Nation Address in his second term to Parliament on Thursday, February 27, President Mahama described a grim picture of Ghana’s huge debts.
John Mahama stated, “We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources.
In addition to the public debt, which amounts to a staggering GHS721 billion, several state-owned enterprises are also in debt, including the ECG, which owes GHS68 billion”, he added.
John Mahama further detailed, “Ghana COCOBOD, the hope of cocoa farmers, is highly indebted. Its balance sheet indicates a total debt of GHS32.5 billion, of which GHS9.7 billion is due to be paid by the end of September 2025.”
Meanwhile, President John Dramani Mahama has also revealed Ghana’s state of the nation is not good.
John Mahama boldly stated the Ghanaian people are suffering an unprecedented crisis.
According to John Mahama, his administration will solve Ghana’s economic crisis by the end of his four-year term.
The president asserted that he understood why he was elected with such high voter confidence and that was to solve Ghana’s problems.
He added, “I John Dramani Mahama will fix the economic crisis confronting our country and reset it on a path of growth and prosperity.”
“I will confront the economic crisis head-on and reset our country on the path of growth and prosperity, It’s not my style to lament and shift blame when confronted with challenges”,
John Mahama also detailed, “It is not my style to lament and shift blame when confronted with challenges. My approach is to accept challenges and work hard to resolve them. Indeed, this is precisely what the people of Ghana elect me to do.
“I have therefore not come here to lament on the state of our country though there is much to lament about. I understand why I was elected with such high voter confidence and that is to solve Ghana’s problems”.
