POLITICS

‘Tragic! Ghana officially bankrupt!’ – John Mahama on external debt default

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Former president John Dramani Mahama has reacted to government’s announcement that certain categories of its external debts repayments cannot be honoured per agreed terms.

Government through the Ministry of Finance in statement dated Monday, December 19 said it will suspend all debt service payments under certain categories of the country’s external debt component.

The move according to government is an interim emergency measure pending further agreement with the relevant creditors while some analysts have described it as Ghana effectively defaulting on its external debt.

The former president’s reaction was via a tweet posted on his official handle. It contained four words and read as follows: “Tragic! Ghana officially bankrupt.”

What else the Finance Ministry statement said:

The statement issued by the Ministry and sighted by GhanaWeb Business noted the decision is pending an orderly restructuring of the affected debt obligations.

It explained that the suspension will include payments on Ghana’s Eurobonds; Ghana’s commercial term loans; and a large portion of Ghana’s bilateral debt.

“This suspension will not include the payments of our multilateral debt, new debts (whether multilateral or otherwise) contracted after 19th December 2022 or debts related to certain short-term trade facilities,” the statement noted.

“We are also evaluating certain specific debts related to projects with the highest socio-economic impact for Ghana which may have to be excluded. This suspension is an interim emergency measure pending future agreements with all relevant creditors,” it added.

The Finance Ministry however added that government is keen on holding engagements with its external creditors in order to undertake a transparent, fair and comprehensive debt restructuring exercise in line with international best practices.

It further pointed out that the Ministry of Finance will hold an investor presentation at a date that will be announced in due course.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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