Former President John Dramani Mahama has disclosed that the Akufo-Addo administration has nearly emptied the Sinking Fund, leaving behind only a fraction of the $290 million he handed over in 2017.While delivering the 2025 State of the Nation Address in Parliament today, he revealed that the Fund now holds only $64,000 in the dollar account and GHS143 million in the Cedi account."Scarce reserves were also left for debt servicing, despite implementing what may be considered as the most severe and distressing economic policy in the annuls of the 4th republic if not in the entirety of our nation's history and I am referring to the Domestic Debt Programme (DDEP), this is in stark contrast to our actions in 2017 before we left office when we allocated $250m to the sinking fund handed over to the incoming government to service Ghana's debt.

"There have been claims that buffers were left for incoming debt repayment this year. Mr. Speaker honorable members let me give you statement of account for the debt service account which is also referred to as the sinking fund. This fund shows a balance of only $64,000 in the dollar account and GHS143m in the Cedi account," he added.

The Sinking Fund, a key debt management tool, was designed to ensure timely repayment of Ghana’s debt. Economists have consistently emphasized its importance in mitigating financial pressures, especially amid the country’s mounting debt stock.

Before assuming office, President Mahama had pledged to reintroduce and strengthen the fund, leveraging provisions under the Petroleum Revenue Management Act, 2011 (Act 815). The fund previously demonstrated its effectiveness when it was used to successfully redeem Ghana’s 2007 Eurobond.

However, Mahama criticized the Akufo-Addo administration for discontinuing contributions to the fund after 2017.

The Former Finance Minister Seth Terkper had also condemned the move, arguing that it left Ghana exposed and overly dependent on the Stabilization Fund and Bank of Ghana interventions.