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President John Dramani Mahama has revealed that Ghana’s Sinking Fund currently holds only $64,000 and GHS143,000, contradicting assertions by the previous Akufo-Addo administration that it left substantial financial buffers for debt repayment.
Speaking during his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025, Mahama addressed the financial challenges 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,” he disclosed.
The president also emphasized the massive debt burden facing the nation and the tough road ahead in restoring economic stability.
“The repercussions of the accumulation and the economic mismanagement will require extensive work and sacrifices to repair,” he stated.
According to Mahama, Ghana’s debt servicing obligations over the next four years will total GHS280 billion, consisting of 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,” he stressed.
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