President John Dramani Mahama has recounted the difficult state of Ghana’s economy when his government assumed office, describing it as “a country that was sick.”

Speaking during an interaction with Ghanaians in Zambia on February 4, 2026, President Mahama said the nation was plunged into a deep crisis at the time.

He explained that governance structures were in disarray, with challenges spanning key sectors such as education, healthcare, and agriculture.

President Mahama also lamented the country’s ballooning debt, stressing that Ghana had defaulted on its obligations.

He revealed that the debt-to-GDP ratio had soared above 100 percent and, in some cases, reached as high as 400 percent.

DV plates now restricted to car dealerships and garages – DVLA boss.

This, he said, led to a loss of confidence among lenders, leaving Ghana unable to secure new financing.

He added that the country was “almost becoming a basket case,” a situation that shaped the National Democratic Congress (NDC)’s campaign message at the time.

“We inherited a country that was sick, let me put it at that. The economy was in crisis, governance was in tatters, we had so many issues in all sectors, education, healthcare, agriculture and most of all, we had defaulted on our debts. Our debt-to-GDP ratio had risen above 100 and, in some cases, 400 percent, and nobody wanted to lend to Ghana again,” he said.

“Ghana was almost becoming a basket case. And so we fought the election on the overarching theme of the Reset Agenda. We said our objective was to win power and reset Ghana in all sectors,” President Mahama added.

He explained that the 'Reset Agenda' aimed to restore stability and reform Ghana across all sectors of national life.

SA/MA

Understanding Ghana's stock market and how to invest | BizTech