Archives

Former Deputy Finance Minister, Abena Osei Asare, has strongly criticized President John Dramani Mahama’s first State of the Nation Address (SONA) of his second term, accusing him of failing to set a clear governance agenda.

President Mahama, in his address on Thursday, February 27, 2025, painted a bleak picture of the Ghanaian economy and pledged to restore stability.

However, Osei Asare, who is also the Member of Parliament for Atiwa East, dismissed the speech as filled with “populist promises, economic doom-saying, and blame-shifting.”

She also took issue with the President’s lack of clarity on how he plans to fund his proposed social intervention programs.

“President John Dramani Mahama’s first State of the Nation Address (SONA) was expected to set the tone for his administration’s governance agenda. Instead, it was a predictable mix of economic doom-saying, political blame-shifting, and populist promises without a credible funding plan.

“In addition to creating a gloomy picture of the economy he has inherited, the President has outlined heavy expansionary fiscal policies that, at best, may be considered populist and unsustainable. It is ironic that, on the one hand, the President describes the economy as being in an intensive care unit (ICU), yet, on the other hand, he is pushing for massive new social intervention programs without indicating how they will be financed.’

President John Dramani Mahama has announced a crackdown on individuals involved in the National Service ‘ghost names’ scandal, a major case of financial fraud that has cost Ghana millions of cedis in stolen public funds. Delivering the State of the Nation Address on Thursday, February 27, President Mahama disclosed that he has instructed investigative bodies to trace and freeze the assets of all persons suspected to be involved in the fraudulent scheme.

Additionally, those who have fled the country will be declared wanted as part of efforts to ensure full accountability and recovery of stolen funds.

“As part of Operation Recover All Loot (ORAL), I have already tasked our investigative bodies to bring the culprits of the National Service ghost names to justice. Such brazen theft of public funds must not go unpunished. It is estimated that more than 80,000 ghost names could have yielded the suspects over GH¢50 million every month.

“Unfortunately some of these suspects have absconded the country already and I have directed that they be declared wanted and their assets traced and frozen until investigations are completed.”

The scandal, which was uncovered following a nationwide audit of the National Service Authority (NSA), involved the inclusion of thousands of fake names on the payroll, a fraudulent scheme that enabled corrupt officials to siphon funds meant for genuine National Service personnel. Investigations revealed that high-ranking officials within the NSS, district directors, and payroll administrators were colluding to create fictitious personnel, allowing them to withdraw salaries on behalf of non-existent workers.

President John Dramani Mahama has delivered a stark assessment of Ghana’s economic situation, describing the nation as “broken on many fronts” due to staggering debt and financial mismanagement. Presenting his first State of the Nation Address (SONA) of his second term to Parliament in Accra on Thursday, February 27, he painted a grim picture of the country’s finances, pointing to unsustainable debt levels and mismanagement of key state institutions.

Mahama disclosed that Ghana’s public debt has soared to GHS721 billion, placing immense pressure on the country’s economy. He further highlighted the dire financial condition of major state-owned enterprises, including the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD), both of which are struggling under heavy debt burdens.

“We are saddled with staggering debts and glaring signs of almost deliberate and, in some cases, reckless mismanagement of our resources,” Mahama stated. “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 COCOBOD, the hope of cocoa farmers, is highly indebted. Its balance sheet indicates a total debt of GHS32.5 billion, of which GHS9.7 billion is due to be paid by the end of September 2025.”

The president’s revelations underscore the severity of Ghana’s economic crisis, reinforcing the urgent need for financial restructuring and responsible governance to restore stability.

President John Dramani Mahama has disclosed that Ghana’s Sinking Fund holds a balance of just $64,000 and GHS143,000, contradicting claims by the previous Akufo-Addo administration that it left substantial reserves for debt repayment. Delivering his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025, President Mahama addressed the financial situation inherited from his predecessor.

“There have been claims that buffers were left for ongoing debt repayments in 2025. The Sinking Fund shows a balance of only $64,000 in the dollar account and GHS143,000 in the Cedi account,” Mahama revealed.

He further highlighted the country’s mounting debt burden and the challenges ahead in stabilizing the economy. “The repercussions of the accumulation and the economic mismanagement will require extensive work and sacrifices to repair,” he stated.

According to the president, Ghana’s debt servicing over the next four years will total GHS280 billion—comprising GHS150 billion for domestic debt and GHS130 billion for external debt servicing. “In the next four years, our debt servicing will amount to GHS280 billion and comprises GHS150 billion for domestic debt and GHS130 billion in external debt servicing,” Mahama emphasized.

President John Dramani Mahama has disclosed that approximately $400 million was spent on the Agenda 111 hospital project under the previous administration without a single facility being fully operational.

The revelation came during his maiden State of the Nation Address in his second term before Parliament on Tuesday.

Agenda 111, an ambitious healthcare initiative aimed at constructing 111 hospitals nationwide, was launched to bridge the country’s healthcare infrastructure gap.

However, President Mahama’s remarks indicate that despite significant financial commitments, none of the hospitals have been completed and made operational. “It is worth disclosing that USD400m has already been disbursed under agenda 111 project,” President Mahama said, indicating that yet not a single hospital under this gargantuan initiative is serving the people of Ghana. President Mahama further suggested that the amount already spent could have facilitated the completion and operationalization of at least 22 of the proposed hospitals if resources had been utilized efficiently.

President John Dramani Mahama has disclosed that despite the previous government’s expenditure of GHS29.9 billion on the financial sector cleanup exercise, the sector remains in distress.

Delivering his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025, he highlighted the persistent financial challenges and the heavy debt burden facing the country.

“The financial sector continues to struggle despite the reportedly spending of GHS29.9 billion on the financial sector cleanup exercise to date,” Mahama stated.

He further projected that Ghana’s debt servicing over the next four years will reach a staggering GHS280 billion, comprising GHS150 billion for domestic debt and GHS130 billion for external debt servicing. The president stressed the urgent need for decisive action to stabilize the financial sector and prevent further economic deterioration.

President John Dramani Mahama has expressed gratitude to Parliament for its swift vetting and approval of his ministerial nominees, describing it as an unprecedented achievement in Ghana’s Fourth Republic. Delivering his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025, Mahama commended lawmakers for their efficiency and dedication. “I would like to convey my heartfelt gratitude to Parliament for the prompt vetting and approval of my nominees for ministerial positions. This efficiency is unmatched in the history of the Fourth Republic,” he stated.

He emphasized that such cooperation between the executive and legislature demonstrates the progress achievable when all branches of government work together in service to the nation. Over the past weeks, Parliament’s Appointments Committee has been actively vetting the President’s nominees. On January 21, 2025, lawmakers approved the first batch of ministers, including Dr. Cassiel Ato Baah Forson as Minister for Finance, Mr. John Abdulai Jinapor as Minister for Energy, and Dr. Dominic Akruitinga Ayine as Attorney-General and Minister for Justice.

Mahama urged Parliament to apply the same diligence and urgency in approving his deputy ministerial nominees, stressing the need for a fully operational government to effectively implement policies and programs.

His remarks underscore a collaborative spirit between the executive and legislature, fostering an environment conducive to governance and national development.

President John Dramani Mahama has assured Ghanaians that his administration will resolve the country’s economic crisis by the end of his four-year mandate.

Delivering his first State of the Nation Address in his second term to Parliament on Thursday, February 27, he acknowledged the severe economic challenges but vowed to put the nation back on a path of growth and prosperity.

“I John Dramanai Mhaam will fix the economic crisis confronting our country and reset it on a path of growth and prosperity.”

President Mahama added, “The state of the nation is not good. Our economy is in crisis, and the people of Ghana are suffering unprecedented hardships,” Mahama admitted. However, he emphasized his commitment to finding solutions rather than dwelling on the past. “It is not my style to lament and shift blame. I am therefore not here to lament, even though there is much to lament about,” he stated.

The president reaffirmed his track record of delivering on promises, referencing his past success in resolving Ghana’s energy crisis.

“I promised to fix ‘dumsor,’ and I fixed it. There was no power rationing or load management in Ghana,” he reminded the nation. Mahama’s address outlined his administration’s commitment to economic stabilization and recovery, signaling his readiness to implement policies that will steer the country towards financial stability and national progress.