President John Dramani Mahama has raised serious concerns over Ghana’s financial sector, revealing that despite GHC 29.9 billion being spent on the financial sector cleanup exercise under the previous administration, the industry remains in crisis.
Delivering his first State of the Nation Address (SONA) of his second term on Thursday, February 27, 2025 Mahama painted a grim picture of the country’s financial stability, emphasizing the growing debt burden.
“The financial sector continues to struggle despite the reportedly spending of GHS29.9 billion on the financial sector cleanup exercise to date,” he stated.
He further projected alarming figures for Ghana’s debt servicing in the coming years.
“Over the next four years, Ghana will spend a staggering GHS280 billion on debt servicing alone—GHS150 billion for domestic debt and GHS130 billion for external debt,” Mahama revealed.
The president warned that without urgent intervention, the financial sector’s instability could further weaken the economy.
“We cannot continue on this path. Decisive action must be taken to stabilize the sector and prevent further deterioration,” he urged.
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