The Centre for Economic Research and Policy Analysis (CERPA) has voiced strong concerns regarding the 2026 State of the Nation Address (SONA) delivered by President John Dramani Mahama, pinpointing several critical policy deficiencies across various sectors, including energy, cocoa production, and small business financing.
In its analysis following the SONA, CERPA acknowledged some positive trends in Ghana’s macroeconomic indicators. However, it expressed dismay over significant structural issues that remain unaddressed, leaving investors and the general public with unanswered questions regarding the nation’s economic trajectory.
One of the key areas of concern highlighted by CERPA was the energy sector. The organization noted that despite the President’s mention of GHC80 billion in legacy debts, the SONA failed to adequately address the financial imbalances plaguing the sector. Experts warn that these issues could worsen in the coming year, leading to higher consumer tariffs and greater government bailouts. CERPA emphasized that reforms in this sector are crucial, especially given their importance under the International Monetary Fund (IMF) program.
While the address did acknowledge some reforms, such as the establishment of the Electricity Company of Ghana’s Single Holding Account and the renegotiation of contracts with independent power producers, CERPA argued that these measures do not sufficiently address the immediate challenges facing the energy sector.
Turning to the cocoa industry, CERPA criticized the lack of discourse on the structural challenges that threaten its sustainability. Issues such as aging cocoa farms, low engagement from younger farmers, and a lack of modernization were notably absent from the President’s remarks. CERPA warned that without targeted reforms to tackle these challenges, Ghana risks jeopardizing an essential source of foreign exchange and the livelihoods of approximately 800,000 smallholder farmers.
Furthermore, CERPA raised alarms about the disparity between macroeconomic improvements and the realities faced by local businesses and households. Although the President reported a significant drop in lending rates, CERPA pointed out that many small and medium-sized enterprises (SMEs) are still grappling with high borrowing costs and limited access to credit.
The think tank urged the government to focus on converting headline economic gains into tangible benefits for businesses and households, emphasizing the need for policies that enhance job creation and purchasing power.
On the topic of poverty and inequality, CERPA noted that the SONA provided insufficient attention to issues of income distribution and the quality of employment. While the President highlighted that around 950,000 individuals moved out of multidimensional poverty and one million found jobs in 2025, CERPA called for a more comprehensive evaluation of these claims.
CERPA concluded its assessment by stressing the necessity for more thorough policy development rather than outright dismissing the achievements cited in the SONA. For Ghana’s economic recovery to be sustainable, the organization urged policymakers to tackle the fiscal risks in the energy sector, rejuvenate cocoa production, simplify financing for businesses, and ensure that economic growth translates into improved living standards and quality employment opportunities.
