The Institute for Economic Research and Public Policy (IERPP) has called on the government to provide greater transparency on Ghana’s public finances, arguing that the 2026 Mid-Year Budget Review highlights improvements in key economic indicators but fails to disclose critical information about the country’s fiscal position.
In a statement following Finance Minister Dr Cassiel Ato Forson’s presentation of the Mid-Year Budget Review to Parliament on Thursday, July 23, the policy think tank said while inflation has eased, the cedi has remained relatively stable and the debt-to-GDP ratio has improved, the review does not present the complete picture of Ghana’s economic health.
According to IERPP, a credible fiscal assessment requires not only celebrating economic gains but also openly accounting for unresolved liabilities and financial obligations.
“We are not asking Ghanaians to deny that progress has been made. The easing of inflationary pressures is real. What we question is whether the full story has been told: both the mechanisms behind these gains and the obligations that remain. Progress and transparency are not rivals; they are partners,” the institute said.
IERPP noted that the Mid-Year Budget Review acknowledges that State-Owned Enterprises (SOEs) have accumulated liabilities equivalent to about three per cent of Ghana’s Gross Domestic Product (GDP) annually over the past decade. It also recognises that the government issued a GH¢5 billion bond in March 2026 to recapitalise the Bank of Ghana following the 2023 Domestic Debt Exchange Programme.
However, the institute argued that the Finance Minister did not disclose the total accumulated liabilities of SOEs or the central bank’s overall capital deficit in cedi terms.
It said the omission leaves Parliament and the public unable to fully assess the country’s financial position.
“Without those totals, Parliament and the public are being asked to judge an improving fiscal picture while a portion of the true bill sits, unread, outside the frame,” the statement said.
IERPP further criticised what it described as selective presentation of Ghana’s debt figures.
While the government reported that public debt declined from 61.8 per cent of GDP at the end of 2024 to 45.0 per cent by June 2026, the institute argued that debt-to-GDP ratios alone do not reveal the country’s actual debt burden.
Citing Bank of Ghana data, IERPP said total public debt increased from GH¢663.4 billion in January 2026 to GH¢720.8 billion by May 2026, an increase of approximately GH¢57 billion within five months.
According to the institute, the debt level remains broadly comparable to the GH¢726 billion recorded in December 2024, suggesting the overall debt burden has not significantly reduced.
“What emerges, therefore, is a gloomier reality masked beneath a seemingly attractive debt-to-GDP ratio. The public deserves transparency: both the ratio and the absolute debt figures should be presented together, not selectively, so that Ghanaians can see the full picture,” it stated.
IERPP also questioned the omission of a recently approved financing facility worth about US$1 billion from the Mid-Year Budget Review.
The think tank argued that although Parliament approved the facility, the review did not explain its purpose, repayment terms or how it fits into the government’s broader debt strategy.
The institute also criticised the absence of updates on two flagship government initiatives—the 24-Hour Economy programme and the Nkonko-Nkitinkiti initiative.
According to IERPP, the 24-Hour Economy programme, which received a GH¢110 million allocation in the 2026 Budget, was promoted as a key solution to unemployment but the Mid-Year Review failed to indicate how many jobs had been created, the number of workers employed or businesses participating in the initiative.
Similarly, it said there was no progress report on the Nkonko-Nkitinkiti programme, which received GH¢245 million to support Ghana’s poultry industry, create jobs and reduce dependence on imported poultry products.
“By distancing itself from these flagship policies, the government has left Ghanaians in the dark. Citizens deserve transparency and accountability—not silence—on the true state of these initiatives,” the statement said.
IERPP also raised concerns over the financing of the Free Senior High School (Free SHS) programme.
The institute noted that while the government maintains Free SHS remains fully funded from domestic resources and allocated GH¢1.8 billion to the programme this year, it has also secured a US$300 million World Bank/IDA credit facility to finance the construction, rehabilitation and upgrading of schools.
Although the government has maintained that the loan finances infrastructure rather than the recurrent costs of Free SHS, IERPP argued that Ghanaians deserve clarity on whether the programme can still be described as entirely domestically financed.
“A school that is loan-built and fee-free is still, taken as a whole, partly loan-financed. Ghanaians who were told ‘no loans’ deserve to know plainly whether that now means ‘no loans for the parts we choose to count,’” the institute stated.
Recommendations to Government
To improve transparency, IERPP called on the government to:
* Publish Ghana’s total public debt in both cedis and US dollars alongside every debt-to-GDP ratio presented.
* Disclose the full terms, purpose and repayment schedule of the recently approved US$1 billion financing facility, including the US$300 million World Bank/IDA education loan.
* Clarify whether Free SHS remains entirely domestically financed or whether that definition has changed.
* Explain the legal basis of the garnishee order that froze the Contingency Fund and confirm its current status.
* Publish the total accumulated liabilities of State-Owned Enterprises and the Bank of Ghana’s current capital position in cedi terms.
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