Mahama admits that only $64,000 and Ghc143 million remain in the sinking fund.

Despite claims by the former Akufo-Addo administration that it had substantial reserves for debt payments, President John Dramani Mahama has revealed that Ghana’s Sinking Fund had a balance of just $64,000 and GHS143,000.

On Thursday, February 27, 2025, President Mahama gave his first State of the Nation Address (SONA) of his second term, during which he talked about the financial situation left by his predecessor. Buffers were allegedly set aside for continuing debt repayments in 2025. Mahama disclosed that the Sinking Fund only has $64,000 in the dollar account and GHS143,000 in the cedi account.

Additionally, he highlighted the nation’s mounting debt and the challenges of attaining economic stability. Fixing the repercussions of accumulation and economic mismanagement will need a great deal of sacrifice and work, he stated.

According to the president, Ghana would spend GHS280 billion over the next four years to service its debt, of which GHS150 billion will go towards domestic debt and GHS130 billion towards foreign debt.

“We will service GHS280 billion in debt over the next four years, which includes GHS130 billion for external debt servicing and GHS150 billion for domestic debt,” Mahama emphasized.