Former Finance Minister Dr Mohammed Amin Adam has questioned the transparency surrounding GH¢21.8 billion in additional face value recorded across eight bonds issued under Ghana’s Domestic Debt Exchange Programme between February and July 2026.
His analysis of provisional Ministry of Finance debt data found that the eight bonds, with maturities between 2029 and 2036, recorded increases in four main episodes: GH¢8.26 billion in February, GH¢5 billion in March, GH¢7.65 billion in May and GH¢920 million in July.
Dr Amin Adam said the pattern indicated that the increases were likely the result of issuance into existing bond lines rather than exchange-rate movements or capitalised interest.
However, the data did not establish whether the securities were sold through public auctions, private placements or non-cash transactions.
“The workbook cannot show is how the bonds were sold,” he observed in the write-up, explaining that a public tap, a private placement and a non-cash issue could leave an identical record in the debt stock.
He said the absence of transaction-level information made it difficult to assess the actual cash proceeds, pricing and counterparties involved.
Although the securities added GH¢21.8 billion to the face value of the debt stock, he noted that proceeds could have been lower because comparable DDEP bonds traded at prices of about 83–84 in April. He called for disclosure of the issue price, yield, fees, allocation method and settlement terms for every reopening.
