President John Dramani Mahama’s recent State of the Nation Address (SONA) set tongues wagging as he disclosed the dire economic situation inherited from the previous administration, particularly spotlighting the mountainous debt burden that currently plagues Ghana.
The notable absence of former President Nana Akufo-Addo and Vice President Dr. Mahamudu Bawumia from the SONA raised eyebrows, hinting at their evasion of accountability for the economic mess that has enveloped the nation.
President Mahama did not mince words as he painted a grim picture of Ghana’s financial woes, highlighting that the true extent of the economic challenges exceeded public knowledge.
The shocking revelation that Ghana’s public debt stands at a staggering GHS 721 billion sent shockwaves through the political landscape, with the Electricity Company of Ghana alone facing a financing gap of US$2.2 billion or GHS 34 billion for the current year.
The mismanagement under the Mahama government was further emphasized with the disclosure of debts incurred by State-Owned Enterprises like ECG and Ghana Cocoa Board.
The COCOBOD saga unfolded as President Mahama revealed the repercussions of mismanagement, including revenue losses amounting to hundreds of millions of dollars due to failed cocoa supply contracts.
The Akufo-Addo government’s decision to award over US$1 billion worth of road contracts for political gain in 2019 and 2020 further exacerbated Ghana’s debt crisis.
President Mahama emphasized the need for extensive efforts and sacrifices to repair the catastrophic debt position, with debt servicing alone projected to reach GHS 280 billion over the next four years.
The unfolding economic disaster has not only stalled crucial infrastructure projects but also led to severe financial constraints in debt servicing and inflation control.
The reverberations of reckless debt accumulation and economic mismanagement were felt deeply during the SONA, as President Mahama elucidated on the dire consequences of the debt mountain left by the Mahama government.
Will Ghana weather the storm or succumb to the weight of its financial burdens? Only time will tell. In attendance at the somber event were dignitaries from various political parties and key government officials, painting a stark contrast to the absence of the two main figures whose tenure ushered in the economic turmoil that plagues the nation.