The Institute for Economic Research and Public Policy (IERPP) has called for greater disclosure of Ghana’s fiscal position, arguing that the 2026 Mid-Year Budget Review failed to provide sufficient information on several major government programmes, debt obligations and financial liabilities.
The Institute said although the review presented positive developments in inflation, exchange rate stability and the debt-to-GDP ratio, it did not provide enough detail to enable Parliament and the public to fully assess the country’s economic position.
The Finance Minister presented the Mid-Year Budget Review to Parliament on July 23.
IERPP said the government’s reported decline in the debt-to-GDP ratio from 61.8 percent at the end of 2024 to 45 percent by June 2026 should be accompanied by detailed information on the actual value of Ghana’s debt.
It cited Bank of Ghana data indicating that total public debt rose from GH¢663.4 billion in January 2026 to GH¢720.8 billion by May 2026.
The Institute therefore urged government to publish both the debt-to-GDP ratio and the total debt stock in cedis and dollars to give citizens a more comprehensive picture of the country’s debt situation.
IERPP also questioned the omission of details on an approximately US$1 billion loan facility recently approved by government.
According to the Institute, the Mid-Year Review should have explained the purpose of the facility, its repayment conditions and how the borrowing fits into the government’s broader debt management strategy.
The Institute further demanded greater accountability over two flagship government initiatives—the 24-hour economy and the Nkonko-Nkitinkiti poultry programme.
It said although GH¢110 million was allocated to the 24-hour economy in the 2026 Budget, the Mid-Year Review did not indicate the number of jobs created, the number of people employed or the companies participating in the programme.
Similarly, IERPP said there was no clear progress report on the GH¢245 million allocated to the Nkonko-Nkitinkiti programme, which is intended to increase domestic poultry production, create employment and reduce reliance on imports.
The Institute said the absence of such information made it difficult to determine whether the two initiatives were delivering the expected economic and social benefits.
IERPP also raised questions about the financing of the Free Senior High School programme.
While government has maintained that the programme is funded from domestic resources, the Institute noted that a US$300 million World Bank/International Development Association education facility is supporting school infrastructure.
It called for clarity on whether the government’s commitment that Free SHS would not depend on external borrowing remains unchanged.
The Institute also criticised the limited disclosure surrounding the freezing of the Contingency Fund following a garnishee order from the Accra High Court.
It said the resulting reallocation of GH¢350 million from the Contingency Vote for flood relief raised important questions about the legal liability behind the court order and the circumstances that led to the emergency fund being frozen.
IERPP urged government to make the relevant details public.
The Institute further expressed concern over the postponement of a permanent solution to Ghana’s recurring flooding problem until the 2027 Budget, warning that affected communities could face another rainy season without a long-term intervention.
It also pointed to the continued accumulation of liabilities by State-Owned Enterprises (SOEs) and the GH¢5 billion bond issued to recapitalise the Bank of Ghana.
However, IERPP said the Mid-Year Review did not disclose the total value of SOE liabilities or provide a complete picture of the central bank’s capital position.
The Institute said such omissions weaken Parliament’s ability to properly scrutinise the country’s fiscal outlook.
IERPP consequently called on government to move beyond headline economic indicators and provide detailed, verifiable information on public debt, government programmes, contingent liabilities, borrowing and the financial position of key state institutions.
It said greater transparency would enable Parliament and the public to better assess whether the government’s economic gains are being achieved on a sustainable fiscal foundation.
