Former Finance Minister Dr Mohammed Amin Adam has proposed a series of reforms to strengthen transparency, accountability and market confidence in Ghana’s public debt management, arguing that the country must move beyond emergency financing arrangements towards a more predictable and competitive domestic debt market.
His analysis found that central-government domestic debt increased by GH¢55.71 billion between January and July 2026, while GH¢21.8 billion in additional face value was recorded across eight DDEP bonds.
It also identified growing reliance on Treasury bills and rising exposure among domestic banks, alongside GH¢111 billion in DDEP principal repayments due in 2027 and 2028.
Dr Amin Adam said Ghana had benefited from external restructuring and the DDEP, but warned that the gains would remain fragile without stronger disclosure and a credible approach to refinancing.
“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.
Among his proposals are the publication of a monthly security-level debt register showing opening balances, new issuance, reopenings, redemptions, accrued interest and closing balances.
He also wants the government to disclose non-competitive transactions within five business days, reconcile changes in debt stocks, publish monthly budget execution and arrears data, and use competitive auctions as the default method of borrowing.
Other recommendations include coordinating Treasury and Bank of Ghana issuance, strengthening the domestic yield curve, improving parliamentary and Auditor-General oversight, correcting inconsistencies in the debt workbook, publishing a liability-management framework before any switches or buybacks of 2027 and 2028 bonds, reporting the Sinking Fund monthly, disclosing the full cost of tax-exempt infrastructure bonds and updating public-corporation debt figures.
He said these measures would help ensure that Ghana’s recovery was reflected in transparent financing practices and a more resilient debt market.
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