SONA25: NPP met US$250 million in Sinking Fund but left only $64,000, GHS 143 million in dollar and cedi accounts — Mahama

President John Dramani Mahama has taken a swipe at the immediate past NPP government over what he describes as economic mismanagement.

The President, who ended his first term in 2017, said at the time, his administration left $250 million in the Sinking Fund to service debt for the successive administration led by Nana Akufo-Addo.

However, the President said this was not the case when the NPP left office. After eight years in power, they left only $64,000 and GHS 143 million in the dollar and cedi accounts, respectively.

Delivering the State of the Nation Address at Parliament House in Accra on Thursday, February 27, the President said the repercussions of reckless debt accumulation and economic mismanagement will require extensive work and sacrifice to repair.

“In 2017, before we left office, we allocated US$250 million to the Sinking Fund to service debt. While there have been claims that buffers were left for debt repayment, the statement of accounts for the Debt Service Reserve Account, also known as the Sinking Fund, shows a balance of only $64,000 and GHS 143 million in the dollar and cedi accounts, respectively.”

The President further revealed that “In the next four years, debt servicing will amount to GHS 280 billion, comprising GHS 150 billion for domestic and GHS 130 billion in external debt servicing.”