Delivering the State of the Nation Address (SONA), on January 3, 2025, President Nana Addo Dankwa Akufo-Addo has said that Ghana Debt Restructuring saved Ghana’s economy from falling into recession.
He said it was the only good option to prevent the country from plunging into deeper economic crisis. He described the Ghana Debt Restructuring decision as difficult but necessary for the country’s survival.
“Without bold and decisive action, our economy would have faced an even greater crisis with far-reaching consequences for every Ghanaian,” the President said.
He acknowledged the personal and financial hardships the restructuring caused, particularly for bondholders, but emphasized that the alternative would have been disastrous.
The Ghana Debt Restructuring was designed to tackle unsustainable debt levels, stabilize the economy, and create fiscal space for recovery.
“Many citizens had invested their hard-earned savings, and we fully understood the sacrifices this exercise demanded,” he said. “But it was critical in ensuring Ghana could meet her financial obligations, regain investor confidence, and restore economic credibility.”
President Akufo-Addo highlighted the visible results of the restructuring, stating it led to a stronger fiscal position, better debt sustainability, and a recovering economy. He noted that these gains are a testament to the collective resilience and determination of the people.
These, he said, form the foundation for long-term growth and development. “The sacrifices made will not be in vain but will serve as the basis for Ghana’s economic revival,” he added, stressing that the difficult decisions were necessary to secure a brighter future.
While the Ghana Debt Restructuring brought considerable challenges, the President expressed his gratitude to Ghanaians for their patience and understanding during this tough period. He acknowledged the toll it took on individuals and businesses, recognizing the sacrifices made.
He reaffirmed his government’s commitment to ensuring the recovery continues and benefits everyone, promising to work toward an inclusive and sustainable future for all Ghanaians.
