Economic Advisor at the Office of the Vice President, Professor Sharif Mahmud Khalid,
Economic Advisor at the Office of the Vice President, Professor Sharif Mahmud Khalid, has lamented the amount left by the previous administration in the Sinking Fund.
Speaking on ChannelOne TV’s The Big Issue on March 1, 2025, Professor Khalid praised President John Dramani Mahama’s commitment to revitalizing Ghana’s Sinking Fund, describing it as a significant step towards addressing the country’s debt challenges.
The fund currently holds a meager balance of $64,000 and GHS143,000, as revealed by President Mahama during his State of the Nation Address (SONA) on February 27, 2025.
Professor Khalid commended Mahama’s efforts to activate the Sinking Fund, noting the speed and determination with which the administration is addressing the issue.
“You look at the setting up of the gold board and the speed at which it is going. It’s a very significant feat as far as that is concerned,” he said. He also praised the president’s commitment to ensuring that cash payments are made to stabilize the fund, describing it as a critical step towards financial recovery.
In comparison, Professor Khalid pointed out that the $64,000 balance in the Sinking Fund is less than the price of a luxury wristwatch worn by a senior government official.
“It’s significant to also note that that is less than the price of the wristwatch of a full government official who was at the national service and was being branded on social media—yes, a Richard Mille. You could look it up and see how much they cost and compare that figure,” he stated.
During his SONA, President Mahama disclosed the dire state of the Sinking Fund, contradicting claims by the previous Akufo-Addo administration that substantial reserves had been left for debt repayment.
The fund, designed to help manage and repay Ghana’s debt, now holds only $64,000 in its dollar account and GHS143,000 in its cedi account.
Mahama also highlighted the country’s mounting debt burden, with GH¢280 billion required for debt servicing over the next four years, split between domestic and external debts.
The president has also ordered a nationwide manhunt for suspects involved in the National Service Authority (NSA) financial scandal, following the discovery of 81,885 fraudulent entries on the NSA payroll that could have cost the state over GH¢50 million monthly.
Watch the video below:
‘The money the NPP left in the Sinking Fund was worth less than the price of a Richard Mille wristwatch worn by some individuals involved in the NSA scandal.’
— Prof. Sharif Mahmud Khalid on #TheBigIssue with @SelormAdonoo.#ChannelOneTV pic.twitter.com/yoOupc3Fu1
— CITI FM 97.3 (@Citi973) March 1, 2025
ID/EK
Meanwhile, watch what Minority Leader Afenyo-Markin said at the Constitution Day Public Lecture below: