The Institute for Economic Research and Public Policy (IERPP) has called on the government to fully disclose the accumulated liabilities of State-Owned Enterprises (SOEs) and the Bank of Ghana’s capital position, arguing that the 2026 Mid-Year Budget Review presents an incomplete picture of the country’s fiscal health.
According to the policy think tank, although the budget review acknowledges that SOEs have accumulated liabilities equivalent to about three percent of Gross Domestic Product (GDP) annually over the past decade and that a GH¢5 billion bond was issued in March this year to recapitalise the Bank of Ghana following the 2023 Domestic Debt Exchange Programme, it fails to disclose the total liabilities in cedi terms.
In a statement issued after the Finance Minister, Dr. Cassiel Ato Forson, presented the Mid-Year Budget Review to Parliament on July 23, 2026, the IERPP said Parliament and the public were being asked to assess an improving fiscal outlook without being given the full extent of the country’s outstanding obligations.
“What the Finance Minister does not state, in cedi terms, is the total accumulated SOE liability or the full capital shortfall at the central bank,” the institute said.
The institute therefore urged the government to publish the absolute size of the national debt in both cedis and dollars alongside every debt-to-GDP ratio cited in future fiscal statements.
It also called for full disclosure of the terms, purpose and repayment schedule of the recently approved financing facility of about US$1 billion, including the US$300 million World Bank/International Development Association (IDA) education facility.
IERPP further urged the government to clarify whether the Free Senior High School programme remains fully financed from domestic resources or whether that financing arrangement has changed.
The think tank also requested an explanation of the legal basis for the garnishee order that froze the Contingency Fund and asked government to confirm the fund’s current legal status.
While acknowledging improvements in the country’s macroeconomic performance, including declining inflation, relative exchange rate stability and an improved debt-to-GDP ratio, the institute maintained that the review omitted critical information needed to provide a complete assessment of the country’s fiscal position.
“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. A government confident in its record should embrace both achievement and disclosure in equal measure.”
According to the institute, a credible fiscal account requires more than highlighting positive economic indicators and should include full disclosure of unresolved liabilities and other outstanding fiscal obligations.
Beyond debt transparency, IERPP criticised the Mid-Year Budget Review for failing to provide updates on two of the government’s flagship programmes – the 24-hour economy initiative and the Nkonko-Nkitinkiti poultry programme.
It noted that although the 24-hour economy initiative received an allocation of GH¢110 million in the 2026 Budget, the review did not indicate how many jobs had been created, how many workers were on payroll or which companies were participating in the programme.
Similarly, it said the review was silent on the implementation of the GH¢245 million Nkonko-Nkitinkiti programme, which was introduced to revitalise the local poultry industry, create jobs and reduce dependence on imported poultry products.
The institute argued that the absence of updates on the two flagship initiatives left important questions about their implementation and impact unanswered.
“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 added.
By Ernest Kofi Adu