Ghana would have faced economic collapse without debt restructuring – Akufo-addo

President Nana Addo Dankwa Akufo-Addo has defended his administration’s controversial debt restructuring exercise, stating that it was the only viable option to prevent Ghana from plunging into a deeper economic crisis.

 Delivering the State of the Nation Address today, 3 December 2025, at Parliament House, he described the decision as difficult but necessary for the country’s survival.

“Without bold and decisive action, our economy would have faced an even greater crisis with far-reaching consequences for every Ghanaian,” the President said.

He acknowledged the personal and financial hardships the restructuring caused, particularly for bondholders, but emphasised that the alternative would have been catastrophic.

The debt restructuring was designed to tackle unsustainable debt levels, stabilise the economy, and create fiscal space for recovery.

“Many citizens had invested their hard-earned savings, and we fully understood the sacrifices this exercise demanded,” he said. “But it was critical in ensuring Ghana could meet her financial obligations, regain investor confidence, and restore economic credibility.”

President Akufo-Addo outlined the tangible outcomes of the restructuring, including a stronger fiscal position, improved debt sustainability, and a rebounding economy.

These, he said, form the foundation for long-term growth and development. “The sacrifices made will not be in vain but will serve as the basis for Ghana’s economic revival,” he assured the nation.

While the restructuring caused significant challenges, the President expressed gratitude for the resilience and understanding of Ghanaians. 

He reaffirmed his government’s commitment to ensuring that the recovery is sustained and benefits all citizens.