The Institute for Economic Research and Public Policy (IERPP) has raised concerns over what it describes as significant gaps in the government's 2026 Mid-Year Budget Review, saying that while key economic indicators have improved, the figures presented do not tell the full story.

In a statement issued on Sunday, July 26, after the finance minister's presentation to Parliament on Thursday, July 23, 2026, the think tank acknowledged positive developments in the economy, including lower inflation, a relatively stable cedi and an improved debt-to-GDP ratio.

However, it said the review failed to explain several important issues behind those gains.

"A credible accounting requires more than a catalogue of achievements; it demands an honest reckoning with the gaps and unexplained figures that remain," the Institute said.

IERPP said it was, therefore, calling on the government to provide additional data and clarify what it described as unresolved aspects of the country's fiscal position.

One of the Institute's main concerns is the absence of updates on two flagship government programmes, the 24-hour economy initiative and Nkonko-Nkitinkiti.

According to IERPP, the 24-hour economy programme, which was presented as a major solution to unemployment and received an allocation of GH¢110 million in the 2026 budget, was not discussed during the mid-year review.

The Institute said the review did not state how many jobs had been created, how many people were currently employed under the initiative or which companies were participating.

It also questioned the lack of information on Nkonko-Nkitinkiti, a poultry industry programme allocated GH¢245 million to boost local production, create jobs and reduce imports.

"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 said.

IERPP also challenged the government's presentation of Ghana's public debt.

While the review reported that public debt had fallen from 61.8 per cent of GDP at the end of 2024 to 45 per cent by June 2026, the Institute argued that the ratio alone does not reflect the country's actual debt burden.

Citing Bank of Ghana data, IERPP said total public debt increased from GH¢663.4 billion in January 2026 to GH¢720.8 billion by May 2026, an increase of about GH¢57 billion within five months. It added that the figure remained close to the GH¢726 billion recorded in December 2024.

"What emerges, therefore, is a gloomier reality masked beneath a seemingly attractive debt-to-GDP ratio. The public deserves transparency: both the ratio and the absolute debt figures should be presented together, not selectively, so that Ghanaians can see the full picture," it stated.

The Institute further questioned the omission of a recently approved financing facility worth about US$1 billion from the budget review.

It noted that Parliament had approved the facility and said the document should have explained its purpose and how it fits into Ghana's overall debt position.

"An account of the debt that leaves out a recently approved billion-dollar facility is not yet a full account," the statement said.

IERPP also revisited the long-running debate over the financing of the Free Senior High School (Free SHS) policy.

The Institute acknowledged that the review allocated GH¢1.8 billion to the programme but pointed to a separate US$300 million World Bank/IDA credit facility for school infrastructure.

It argued that while the government maintains that the loan finances only school buildings and not the recurrent costs of Free SHS, the distinction may not be clear to the public.

"Ghanaians who were told 'no loans' deserve to know plainly whether that now means 'no loans for the parts we choose to count'," the statement said.

Another issue raised was the freezing of the Contingency Fund through a High Court garnishee order.

IERPP questioned why the emergency fund had been frozen and said the budget review failed to explain the liability behind the court action.

"A national emergency fund, frozen by a court over an unexplained judgement, is not a footnote; it is the headline," it stated.

The Institute also expressed concern about the government's response to the June 2026 floods.

Although the review referred to a presidential directive for a permanent solution, IERPP noted that implementation had been postponed until the 2027 budget, with GH¢226 million reallocated this year for interim flood mitigation.

"A promise to fix the roof next year, made while standing in this year's rain, is not yet a solution either; it is a plan to plan," the Institute said.

IERPP further called for greater disclosure on the financial position of State-Owned Enterprises (SOEs) and the Bank of Ghana.

It said the review acknowledged that SOEs had accumulated liabilities equivalent to around three per cent of GDP annually over the past decade and referred to a GH¢5 billion bond issued to recapitalise the central bank in March 2026.

However, it argued that the review did not disclose the total value of SOE liabilities or the Bank of Ghana's overall capital shortfall.

The Institute urged the government to publish the country's total debt stock in both cedis and dollars alongside debt-to-GDP ratios, disclose the terms of recently approved loan facilities, clarify whether Free SHS remains entirely domestically financed, explain the legal issues surrounding the frozen Contingency Fund and publish the total liabilities of SOEs and the Bank of Ghana.

Despite its concerns, IERPP stressed that it was not dismissing recent economic improvements.

"IERPP is not asking Ghanaians to deny that progress has been made; the easing of inflationary pressures is real. What we question is whether the full story has been told: both the mechanisms behind these gains and the obligations that remain," the statement said.

It added: "Progress and transparency are not rivals; they are partners. A government confident in its record should embrace both achievement and disclosure in equal measure."