Don’t default on our debt repayments – Akufo-Addo advises incoming Finance Minister

 President Nana Addo Dankwa Akufo-Addo has emphasised the importance of maintaining Ghana’s financial commitments.

He advised the incoming finance minister to ensure that the country never defaults on its debt repayments.

He said this when he announced that the government will pay Eurobond holders $346 million today during his final State of the Nation Address in parliament in Accra, Friday, January 3, 2025.

I am happy to inform the House that today, 3rd January 2025, my government will honour coupon payments to our Eurobond holders amounting to three hundred forty-six million US dollars ($346 million).

“We cannot afford to default on our debt repayments. That’s the advice I want to give to the incoming finance minister.”

President Akufo-Addo also urged President-elect John Dramani Mahama to prioritize the completion of the Agenda 111 hospital projects as he assumes office.

The Agenda 111 initiative, launched under Akufo-Addo’s administration during the peak of the COVID-19 pandemic, seeks to build 111 district and regional hospitals, including psychiatric facilities, to bridge significant gaps in Ghana’s healthcare infrastructure.

While notable progress has been made, several projects remain incomplete as President Akufo-Addo’s tenure comes to an end.

Delivering his final State of the Nation Address (SONA) on Friday, January 3, 2025, the President emphasized the transformative potential of the Agenda 111 initiative, calling it a cornerstone of Ghana’s healthcare development.

He described the project as a legacy effort that would significantly improve access to healthcare and reduce the burden on existing facilities, ultimately strengthening the nation’s healthcare system.

“The pandemic showed us some of the alarming shortcomings of our health delivery system and we strived to seek measures to ensure that we are reasonably prepared in the next. The most important intervention is the Agenda 111 project, where we attempted to place a hospital in every district; adding 111 district hospitals and 2 psychiatric hospitals to the project list.

“There are 99 districts and 2 psychiatric hospitals where contractors are deployed and work is in progress. I hope the construction will be completed, but that at last was not to be. I am pleased to report that on December 3, I had the pleasure of commissioning three of the district hospitals.

Hundreds of works on the other 98 active sites, ranging from 5% to 95% in other sites. I am hoping that the incoming Mahama administration will ensure that the project is completed to add to our health infrastructure,” he stated.