SONA25: ‘Ghana drowning in debt’ — Mahama reveals GHSC721bn national debt, massive ECG and COCOBOD liabilities

President John Dramani Mahama has disclosed the debt status of the country and some key state institutions inherited from the Akufo-Addo-led New Patriotic Party (NPP) administration.

The President noted that Ghana’s total public debt currently stands at GHS721 billion, with the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD) also heavily indebted.

Delivering the State of the Nation Address at Parliament House in Accra on Thursday, February 27, the President revealed that COCOBOD alone owes GHS32.5 billion, with GHS9.7 billion due for payment by the end of September 2025.

“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.

“Ghana Cocoa Board, the hope of cocoa farmers, is also highly indebted. Its balance sheet indicates a total debt of GHS32.5 billion, of which GHS9.7 billion is due to be paid at the end of September 2025,” he said.

The President further disclosed that during the 2023/2024 cocoa season, COCOBOD was unable to supply 333,767 metric tons of cocoa it had already sold at $2,600 per ton. As a result, the then management rolled over these contracts into the 2024/2025 season.

“This implies that for every ton of cocoa delivered this year, in fulfillment of the rolled-over contracts, COCOBOD and Ghanaian farmers are going to lose $4,000 in revenue,” he noted.