Tamale: The Economic Governance Platform, a coalition of civil society organizations, has called on the government to institutionalize a credible debt sustainability framework as a critical measure to enhance Ghana’s economic resilience. The proposed framework aims to reduce the country’s dependence on International Monetary Fund bailouts while strengthening financial discipline and curbing corruption, which have long hindered sustainable growth and development.
According to Ghana News Agency, the call was made at a stakeholders’ consultative forum in Tamale, where a new report on Ghana’s public finances was launched. The report, titled ‘Sustainable Debt Management in Ghana’, is a flagship output of the Citizen Action for Sustainable Debt Management Project. This project is hosted by the Ghana Anti-Corruption Coalition and implemented through the Economic Governance Platform, with support from the Open Society Foundations.
The launch brought together various stakeholders, including youth-led advocacy groups
, the media, traditional and religious leaders, persons with disabilities, and civil society actors from across the Northern Region. The event served as a platform for detailed analysis of Ghana’s debt situation and offered practical policy recommendations to strengthen accountability, civic engagement, and Parliamentary oversight in public debt management.
Mr. Abdul-Karim Mohammed, Coordinator of the Economic Governance Platform, presented the findings during the forum in Tamale. He noted that the report identified the need for clearer separation of roles and stronger oversight concerning the Bank of Ghana’s discretionary powers in debt operations and liquidity management. The findings highlighted critical gaps in the country’s debt management practices, such as the absence of an independent fiscal council to oversee government expenditure and borrowing.
To address these gaps, the report recommended the establishment of an independent fiscal body to monitor budget planning, revenue mobilization, and defici
t financing strategies. It also proposed reforms to improve domestic revenue mobilization, enhance anti-corruption mechanisms and financial oversight, and increase the efficiency of public spending.
The report advocated for legal reforms to strengthen fiscal responsibility, enhance budget execution and expenditure tracking systems, and institutionalize a credible debt sustainability framework. Further recommendations included the re-establishment and protection of the sinking fund, improved transparency in debt reporting and classification, and the promotion of stakeholder participation in fiscal policy formulation.
Dr. Kodimah Siita, Executive Director of the Centre for Opportunities and Rural Development, commended the Economic Governance Platform and its partners for spearheading the initiative. He stated that full implementation of the report’s recommendations would improve Ghana’s economic governance, build resilience to external shocks, and reduce reliance on international financial assistance.
Mr. A
bdul-Aziz Mohammed, a representative of the Northern Region Muslims Council, called for a national orientation programme to address issues of corruption and prioritize the consumption of Ghanaian products to ensure the stability of the economy. Other participants at the launch emphasized the need for collective efforts by all stakeholders to enhance financial discipline and accountable governance for sustainable growth and development.