Ghana’s public debt now GHS721 billion; ECG’s owes GHS68 billion, COCOBOD GHS32.5 billion – Mahama

President John Dramani Mahama, in his first State of the Nation Address (SONA) of his second term, has painted a grim picture of Ghana’s economy, citing overwhelming debt and poor financial management as major challenges.

On February 27, he disclosed that Ghana’s public debt has soared to GHS721 billion, crippling economic stability. Key state-owned enterprises, including the Electricity Company of Ghana (ECG) and COCOBOD, are heavily indebted, with ECG owing GHS68 billion and COCOBOD facing GHS32.5 billion in debt, of which GHS9.7 billion is due by September 2025.

Mahama attributed the crisis to reckless mismanagement but assured Ghanaians that his administration is committed to financial restructuring and responsible governance to restore economic stability.