President John Dramani Mahama delivered his first State of the Nation Address (SONA 2025) since assuming office. He laid out a clear vision to address Ghana’s economic crisis and reset the country on a path of growth and prosperity.
Fixing the Economic Crisis
During this SONA 2025, President Mahama declared his commitment to resolving the economic challenges facing the nation. He promised to reset the economy on a path of growth and prosperity. This he said, will be done through a well-structured plan supported by the Ghanaian people. Mahama acknowledged the staggering national debt of 721 billion Ghana cedis. He highlighted the 68 billion Ghana cedis owed by the Electricity Company of Ghana (ECG). He also pointed to the severe debt of the Ghana Cocoa Board (COCOBOD), totaling 32.5 billion Ghana cedis.
Additionally, the President revealed the significant losses in the cocoa sector, with 333,767 metric tons of cocoa rolled over into the 2024-2025 season. This he said, will result in a $4,000 revenue loss per ton. He said this has already caused an $840 million revenue loss, with an additional $495 million expected.
What Does the SONA Stand For?
The State of the Nation Address (SONA) serves as a platform for the President to outline the administration’s vision, goals, and progress. In SONA 2025, Mahama stressed the importance of transparency, fiscal discipline, and debt sustainability. He committed to completing structural reforms and working with the IMF to ensure economic stability. The upcoming IMF review in April 2025 is expected to solidify these efforts.
Mahama also emphasized building buffers in the sinking fund and adopting prudent debt management practices. He assured bondholders that upcoming domestic debt payments would be honored without delay.
A Path to Stability and Growth
During the SONA 2025, Mahama highlighted his administration’s efforts to restore macroeconomic stability and foster inclusive growth. He mentioned how interest rates on treasury bills have seen a significant reduction, with the 91-day rate dropping from 28.51% to 24.48%. And also the 182-day rate falling from 29.07% to 25.388%.
He said the government has also signed a Memorandum of Understanding with the Official Creditor Committee to formalize debt treatment and support long-term sustainability. Mahama expressed gratitude to Organized Labour and the Ghana Employers Association for their cooperation in setting the 2025 minimum wage and base pay.
Moreover, Mahama reaffirmed his commitment to activating the 24-hour economy policy and implementing the $10 billion Big Push policy for infrastructure development. He concluded SONA 2025 by urging national unity and collaboration, emphasizing his vision of building a prosperous and inclusive Ghana for all.
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