President Mahama has pledged to honor Ghana’s debt obligations and strengthen financial buffers for economic recovery. He highlighted significant debt servicing achievements and the establishment of a Sinking Fund to support timely repayments. Addressing past mismanagement, he emphasized the need for fiscal discipline and the resumption of stalled infrastructure projects.
In a recent address to Parliament, President John Dramani Mahama reaffirmed his administration’s dedication to meeting Ghana’s debt obligations while enhancing the nation’s financial buffers to promote economic recovery. He expressed concern over the mounting debts and unfinished infrastructure projects inherited from the previous government, recognizing the need for prudent fiscal management to guide the nation toward financial stability.
President Mahama highlighted progress in debt servicing as a sign of renewed credibility for Ghana, citing the successful payment of GHS 6.08 billion in cash and GHS 3.46 billion in-kind under the Domestic Debt Exchange Programme in February 2025. He emphasized the importance of bolstering the Sinking Fund to ensure timely repayments for upcoming debt maturities, illustrating the government’s commitment to responsible debt management.
Addressing the impact of prior mismanagement, the President pointed out the existence of 55 stalled infrastructure projects valued at $2.95 billion, contributing to an anticipated GHS 15 billion in cost overruns. He noted that such accumulated debt constraints directly affect public services and economic growth, motivating the need for strict adherence to sustainability measures in Ghana’s financial strategy.
President Mahama stated that every cedi conserved through effective debt management would redirect funds towards reviving essential projects. He reiterated the government’s determination to maintain fiscal discipline while working to resume projects that have been stalled, ensuring that both the present and future financial needs of the populace are met.
In summary, President Mahama emphasized a steadfast commitment to addressing Ghana’s debt obligations while fostering financial stability for economic recovery. The administration’s strategic focus on disciplined fiscal management, coupled with the reinforcement of the Sinking Fund, aims to safeguard the nation against future financial uncertainties. This commitment not only seeks to rebuild trust among citizens and investors but also aims to expedite the resumption of critical infrastructure projects hampered by previous mismanagement.
Original Source: gna.org.gh
