Kwame Jantuah, a prominent Convention People’s Party (CPP) member, has warned that the incoming president of Ghana will face significant challenges starting in 2025 due to the country’s current economic difficulties and ballooning debt stock.
In an interview on TV3’s “Big Issue“ on Friday, July 26, Jantuah expressed concern over the worsening economic situation. “2025 is going to be particularly tough. I pity the next president. The current administration should not create an illusion of an easy fix because the reality is that the situation is far worse than it appears,“ he said.
Jantuah advised the next leader to focus on changing Ghanaians’ consumption habits, particularly regarding imported goods. He urged the president to promote local products as a potential solution to mitigate the country’s economic challenges. “The next president must work to shift the mindset of Ghanaians, encouraging them to prioritize locally-produced goods over imports,“ he added, instilling a sense of hope for a brighter economic future.
His comments came in response to recent reports on Ghana’s public debt, which, according to Finance Minister Dr Mohammed Amin Adam, reached GH¢742 billion (approximately US$50.9 billion) as of June 2024. Dr. Adam reported that this debt represents 70.6% of Ghana’s Gross Domestic Product (GDP). The debt comprises GH¢452 billion in external debt and GH¢290 billion in domestic debt.
Despite these concerns, Dr Adam assured that the government is adhering to its budgetary constraints and has exceeded its mid-year revenue targets. He highlighted ongoing fiscal reforms and debt restructuring efforts, including agreements with the International Monetary Fund (IMF) and Eurobond holders, to provide substantial debt relief.
Jantuah’s remarks underscore the mounting pressure on Ghana’s future leadership to navigate a challenging economic landscape and implement effective strategies for sustainable growth. This reiteration of the need for effective strategies should make the audience feel the importance of the upcoming decisions and the urgency of the situation.
