President John Mahama has stated that 55 projects across the country remain incomplete because contractors were not paid by the previous New Patriotic Party (NPP) government.
Addressing the country on the State of the Nation (SONA) on Thursday, 27 February, in Parliament, the President explained that the nation’s debt situation had led to the halt of these projects, which are primarily infrastructure-related.
“Our catastrophic debt position has severely impacted infrastructure projects that should have been completed. Currently, there are 55 stalled projects due to debt defaults and subsequent restructuring, with a total value of $2.95 billion that has not been disbursed,” he said.
President Mahama also revealed that the stalled projects will lead to a cost overrun of “about GH₵15 billion.”
Despite the challenging financial situation, President Mahama reaffirmed his commitment to leading the country and taking all necessary steps to rebuild “the Ghana we want.”
To address the severe debt burden, he stated, “We will implement corrective measures to restore fiscal discipline and ensure debt sustainability.”
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