President John Dramani Mahama has disclosed that the Akufo-Addo administration ‘misused’ money his government left in the country’s debt service reserve account in 2017.
Addressing Ghanaians during the 2025 State of Nation Address (SONA) on February 27, 2025, President John Dramani Mahama noted that his government, in 2017, left behind $250 million in the nation’s debt service reserve account.
He explained, however, that after assuming office in January 2025, the amount of money left in the debt service reserve account, also known as the Sinking Fund, shows $64,000 and GH¢143 million in the account.
“The financial sector continues to struggle despite the reported spending of $29.9 billion on the financial sector clean-up exercise to date. Scant reserves were also left for debt servicing, despite implementing what may be considered the most severe and distressing economic policy in the Fourth Republic.
“Before we left office in 2017, we allocated $250 million in sinking funds, handed over to the incoming government to serve Ghana’s debt… These funds show a balance of $64,000 in the dollar account and GH¢143 million in the cedi account,” he said.
Background:
President Mahama’s address, which is in line with Article 67 of the 1992 Constitution, and which is expected to outline his ambitious “Resetting Ghana” agenda, aims at tackling economic challenges, creating jobs, and restoring stability.
In his address, the president is expected to touch on key areas of his government’s policy objectives.
He is also expected to provide updates on the state of Ghana’s economy, including the ongoing IMF bailout program, security, and the cost of living, among other issues.
Additionally, he will update Ghanaians on deliverables for the year ahead, as well as the achievements of his government so far and the challenges that lie ahead.
JHM/AE