Former Finance Minister Dr Mohammed Amin Adam has outlined a package of 13 reforms designed to enhance transparency, accountability and market confidence in Ghana’s public debt management. He argues the country must shift away from emergency financing arrangements and develop a more predictable, competitive domestic debt market.
Adam’s analysis shows that central‑government domestic debt rose by GH¢55.71 billion between January and July 2026, with an additional GH¢21.8 billion in face value issued across eight DDEP bonds. The report also highlights a growing reliance on Treasury bills and increasing exposure among domestic banks, alongside GH¢111 billion in DDEP principal repayments due in 2027 and 2028.
While acknowledging the benefits Ghana has gained from external restructuring and the DDEP, Adam warns that these gains are fragile without stronger disclosure and a credible refinancing strategy. "The strongest evidence of recovery will be a transparent debt bridge, longer average maturity, reliable statutory payments, declining arrears, competitive pricing, a disclosed and market‑based approach to the 2027–28 maturities, and reduced dependence on captive domestic financing," he wrote.
Key proposals include publishing a monthly security‑level debt register detailing opening balances, new issuance, reopenings, redemptions, accrued interest and closing balances; disclosing non‑competitive transactions within five business days; reconciling changes in debt stocks; and publishing monthly budget execution and arrears data. Adam also calls for competitive auctions to become the default borrowing method.
Additional recommendations seek to coordinate Treasury and Bank of Ghana issuance, strengthen the domestic yield curve, improve parliamentary and Auditor‑General oversight, correct inconsistencies in the debt workbook, publish a liability‑management framework before any 2027 or 2028 bond switches or buybacks, report the Sinking Fund monthly, disclose the full cost of tax‑exempt infrastructure bonds and update public‑corporation debt figures.
These measures, Adam said, would help ensure that Ghana’s recovery is reflected in transparent financing practices and a more resilient debt market.
