President John Dramani Mahama has acknowledged the severe impact of Ghana’s debt position on the nation’s infrastructural projects.
Delivering his first State of the Nation’s Address on the floor of Parliament, President Mahama revealed that a total of 55 projects, valued at $2.95 billion, have been stalled due to debt defaults and subsequent restructuring.
“Our catastrophic debt position has also severely impacted infrastructural projects that should have been completed. Currently, there are 55 stalled projects due to the default of debt and subsequent restructuring, with a total value of $2.95 billion not disbursed.
This situation, he stated has resulted in a significant cost overrun of approximately GH15 billion, emphasizing the challenges faced by the country.
“The stalling of these projects is expected to lead to a cost overrun of about GH15 billion.”
Despite these challenges, President Mahama has reaffirmed his commitment to completing key projects.
By: Paulina Arthur