Former Finance Minister Dr Mohammed Amin Adam has called on the government to publish monthly reports on the Sinking Fund as Ghana prepares to repay GH¢111 billion in Domestic Debt Exchange Programme (DDEP) obligations in 2027 and 2028.
His analysis put the fund’s balance at GH¢15.6 billion as of July 22, 2026, compared with a projected balance of GH¢30 billion by the end of the year.
The government is expected to repay GH¢58 billion in DDEP principal in 2027 and another GH¢53 billion in 2028.
Dr Amin Adam said setting aside money in advance through the Sinking Fund could help the government manage these repayments and reduce pressure on public finances.
However, he warned that borrowing money to build up the fund could increase costs if the returns on its investments were lower than the interest paid on the loans used to finance it.
“Prefunding is prudent, but it means part of the 2026 increase in debt may be cash held for future redemptions rather than deficit financing,” he wrote.
He urged the government to disclose the fund’s monthly inflows, including money from the allocation of 7% of non-oil tax revenue and proceeds from any bonds issued to support it.
He also called for the reports to show how the money is invested, the returns generated, the proportion of the fund financed through borrowing and the amounts expected to be withdrawn to meet future repayments.
Dr Amin Adam said regular disclosure would enable the public to assess whether the fund was building up enough resources to meet the upcoming debt repayments and whether the money was being managed efficiently.
