In the wake of the deep economic crisis inherited from the Nana Addo-led administration, marked by financial haircuts, bond payment delays, and suspended statutory obligations, President John Dramani Mahama is demonstrating decisive leadership aimed at restoring Ghana’s economic credibility.
The previous administration’s fiscal mismanagement left many Ghanaians disillusioned, with the economy in a downward spiral. Citizens were subjected to harsh economic conditions, including a domestic debt exchange program that saw a significant portion of investor funds forcibly restructured, what many call a “financial haircut.” Bondholders, pensioners, and key institutions were affected, while statutory funds remained unpaid for prolonged periods.
However, the Mahama-led government, within just six months of assuming office, has made remarkable progress in clearing arrears, fulfilling statutory payments, and restoring confidence in the economy. Contrary to claims from the New Patriotic Party (NPP) that the current administration is not investing in the economy, the Finance Minister, Hon. Dr. Cassiel Ato Forson, has presented a detailed account of government expenditure that highlights an aggressive yet strategic approach to economic recovery.
Key Payments Made Within Six Months
Eurobond debt of $700 million has been fully paid, restoring confidence among international creditors.
GHS 10 billion has been refunded to individuals affected by the financial haircut.
GHS 2.9 billion has been transferred to the District Assembly Common Fund to empower local development.
GHS 2.7 billion has been paid to the Social Security and National Insurance Trust (SSNIT) to ensure uninterrupted pension payments.
GHS 9.1 billion has been disbursed to the energy sector to ensure power stability and avoid load-shedding.
GHS 5 billion has been paid to contractors across the country, stimulating infrastructure development and job creation.
GHS 4.6 billion has been allocated to the Ghana Education Trust Fund (GETFund) to support educational infrastructure and programs.
GHS 1 billion has gone into sustaining the Free SHS program, ensuring continued access to secondary education.
GHS 4.6 billion has been injected into the National Health Insurance Scheme (NHIS) to strengthen healthcare delivery.
GHS 252 million has been used to procure vaccines for children, ensuring improved public health outcomes.
GHS 72.8 million has been released for the Capitation Grant, supporting public basic schools.
GHS 477 million has been disbursed through the Livelihood Empowerment Against Poverty (LEAP) program to support vulnerable elderly citizens.
GHS 895 million has sustained the School Feeding Programme, promoting nutrition among school children.
GHS 122.8 million has been paid to the West African Examinations Council (WAEC) as registration fees for students.
GHS 300 million has been refunded to first-year tertiary students under the “No Fee Stress” program.
GHS 462.6 million has been paid in nursing trainee allowances, restoring confidence in the healthcare education system.
GHS 191.1 million has been paid as teacher trainee allowances, strengthening teacher motivation and retention.
Additionally, allowances for assembly members nationwide have also been settled.
These achievements clearly reflect the government’s commitment to stabilizing the economy, rebuilding trust in public institutions, and providing social and economic relief to Ghanaians. By fulfilling key financial obligations and investing in critical sectors, the Mahama administration is charting a course toward long-term national recovery.
The swift actions taken by President Mahama and his team signal a departure from the fiscal indiscipline of the past. They also highlight a clear policy direction centered on transparency, social protection, and sustainable development.
As Ghana navigates its way out of crisis, these six months of determined leadership offer hope — not only that recovery is possible, but that a stronger, more equitable future can be built for all.
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