Your speedo pickup hole on the front of the lower unit is probably plugged.
Run your finger along the front edge of the lower unit, starting at the prop "bullet" and working your way up. You'll feel a small nick in the edge. That's the pickup hole. Shine a flashlight into the hole. You'll probably see either wood, or weeds or mud.
The best way to clear it is to take a VERY small drill bit and - BY HAND - drill into the stuff plugging the hole. Twist the drill bit with your fingers until you feel the resistance give way and the bit suddenly pokes throught he debris.
Take a fish hook (I like to use Slider 1/16 oz weighted hooks), straighten it out, and insert the hook into the hole. Using the barb, clear the rest of the gunk out of the pickup hole.
You'll want to take care that you don't poke a hole in the rubber tube that's used to relay the water pressure from the pickup to the speedometer.