The Economic Governance Platform (EGP) has launched a comprehensive report on “Sustainable Debt Management” aimed at addressing Ghana’s persistent debt challenges.
At the launch in Accra on Thursday, 10th July, the Platform’s Coordinator, Abdul Karim Mohammed, outlined a series of practical measures to drive reforms and prevent the cyclical debt-induced crises that have plagued the country for decades.
Abdul Karim Mohammed emphasized that the report’s strength lies in its pragmatic recommendations, which, if implemented, could help Ghana move beyond its frequent reliance on IMF bailouts.
“The most important aspect is the recommendations that it makes… very pragmatic recommendations that if we follow through will help us to go a long way in addressing the challenges,” he noted.
The Platform views the report not merely as a publication, but as an advocacy tool for engaging critical state actors, including Parliament’s Finance and Budget Committees, the Ministry of Finance’s Debt Management Unit, and the Bank of Ghana. Discussions with the Finance Committee, he disclosed, have already begun, with members showing keen interest in the report’s findings and proposals.
Beyond policy circles, EGP intends to galvanise broader citizen engagement. Recognising the technical nature of debt discourse, Mohammed said the report was deliberately written in accessible language to ensure that non-experts, including ordinary citizens, can understand and engage with the issues.
“We want to engage the citizens to appreciate the issues and also court their support and their voices in this whole conversation so that we don’t leave the issues to only the technical people and politicians,” he explained.
In pursuit of this goal, the EGP plans to roll out a series of public engagement activities, starting with a “Debt Café” in Kumasi aimed at young people. These interactive sessions will employ innovative tools to simplify complex debt management concepts, empowering participants with the knowledge to contribute meaningfully to national conversations on fiscal governance.
Additionally, the Platform will host social media discussions through X (formerly Twitter) Spaces, breaking down the report’s various sections. These sessions will examine the political economy of debt accumulation, legal and institutional frameworks, debt classification, and issues surrounding transparency and accountability.
Mohammed noted that the report identifies the multiple sources of Ghana’s debt crisis, including flawed procurement processes and unfavourable loan terms, poor legal frameworks, and negligence.
He pointed out that some laws governing debt management are outdated or weak, lacking enforcement mechanisms that deter mismanagement.
“For each of these, recommendations have been made on what actions need to be taken by government and institutions tasked with managing our public debt,” he affirmed.
The motivation behind the report stems from a desire to shift the conversation from mere diagnosis of the problem to concrete actions. Mohammed explained that while Ghana’s debt has been a consistent factor in its IMF engagements, discussions have rarely been consolidated in a way that maps challenges directly to actionable solutions.
“We undertook this study in order to bring the ideas to have a better understanding of what the issues are and what are the pragmatic recommendations that we need to implement,” he stated.
The report also reflects on Ghana’s economic journey since independence but gives particular focus to recent events, which Mohammed described as the “worst economic crisis the country has suffered.” In this context, he underscored the urgency of reforms and the importance of public involvement to break the cycle of crisis and dependency.
Ultimately, the EGP hopes this report will catalyse a national shift towards more sustainable debt management, reinforcing the principle that effective solutions require collective responsibility, including policymakers, technocrats, and ordinary Ghanaian citizens.
