President Nana Addo Dankwa Akufo-Addo has underscored the importance of maintaining Ghana’s financial commitments during his final State of the Nation Address (SONA) on January 3, 2025. He emphasized the need for the incoming finance minister to ensure that the country never defaults on its debt repayments.
This statement came as he announced that the government would pay $346 million to Eurobond holders on the same day.
“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 stated.
This commitment reflects the administration’s dedication to fiscal responsibility and maintaining the country’s credibility on the international financial stage. The timely payment of these coupon obligations is crucial for ensuring investor confidence and sustaining Ghana’s economic stability, especially in the wake of various economic challenges faced during President Akufo-Addo’s tenure. The government aims to signal to both domestic and international stakeholders that Ghana is serious about managing its financial commitments effectively.
The President also took the opportunity to address the incoming administration of President-elect John Dramani Mahama, urging him to prioritize the completion of the Agenda 111 hospital projects as he takes office. The Agenda 111 initiative, launched during the peak of the COVID-19 pandemic, aims to build 111 district and regional hospitals, including psychiatric facilities, to address significant gaps in Ghana’s healthcare infrastructure. This ambitious project was designed to enhance healthcare access across the nation, particularly in underserved regions.
As President Akufo-Addo’s administration comes to an end, he noted that while significant progress has been made, several of the Agenda 111 projects remain incomplete. He highlighted the transformative potential of this initiative, describing it as a cornerstone of Ghana’s healthcare development and a legacy effort that would substantially improve access to healthcare while reducing the burden on existing facilities.
“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 for 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 two psychiatric hospitals to the project list,” he explained.
President Akufo-Addo elaborated on the progress of the initiative, stating that contractors are currently deployed in 99 districts and two psychiatric facilities, where construction is actively underway. He expressed hope that the incoming Mahama administration would prioritize the completion of these vital healthcare projects to strengthen the nation’s health infrastructure.
“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 are ongoing at the other 98 active sites, ranging from 5% to 95% completion. I am hoping that the incoming Mahama administration will ensure that the project is completed to add to our health infrastructure,” he stated.
The Agenda 111 initiative is significant not only for its immediate impact on healthcare delivery but also for its long-term implications for public health in Ghana. By investing in healthcare infrastructure, the government aims to create a more resilient health system capable of withstanding future public health crises. The initiative reflects a broader commitment to improving the quality of life for all Ghanaians and ensuring equitable access to healthcare services.
In addition to healthcare infrastructure, President Akufo-Addo’s administration has also focused on other key areas to bolster the economy, including education, job creation, and economic recovery post-pandemic. The government’s emphasis on maintaining fiscal discipline while pursuing developmental initiatives has been a hallmark of its approach over the past several years.
As President Akufo-Addo transitions out of office, he leaves behind a mixed legacy characterized by both challenges and achievements. The commitment to timely debt repayment and the focus on healthcare development through Agenda 111 are significant elements of his administration’s efforts to address pressing national issues. By highlighting these priorities in his final address, the President has set the stage for the incoming administration to continue working towards enhancing Ghana’s financial stability and improving public health.
The challenges ahead for President-elect Mahama’s administration will be substantial, particularly as it seeks to balance the need for fiscal prudence with the demands for improved public services. The completion of the Agenda 111 projects will require concerted effort and resources, as well as collaboration with various stakeholders, including local communities and healthcare professionals.
As Ghana moves forward, the new administration will need to build on the foundation laid by President Akufo-Addo while also addressing new challenges that may arise. The emphasis on maintaining financial commitments, ensuring healthcare access, and improving overall public service delivery will be critical for the success of the incoming government.
In conclusion, President Akufo-Addo’s final State of the Nation Address serves as a crucial reminder of the importance of fiscal responsibility and the need for continued investment in healthcare infrastructure. The announcement of the $346 million payment to Eurobond holders reinforces the government’s commitment to upholding its financial obligations, while the call for the completion of the Agenda 111 hospital projects highlights the ongoing need for progress in healthcare delivery. As the new administration takes office, the focus will need to remain on these priorities to ensure a sustainable and prosperous future for all Ghanaians.
