BACKGROUND INFORMATION ON THE ESTABLISHMENT OF DEBT MANAGEMENT
Public borrowing in Ghana is a phenomenon which dates back to the early post-colonial era. Debt management as part of the core functions of the Ministry has evolved substantially over the past several decades.
The External Debt Secretariat, as the Debt Management Division (DMD) was originally known, was created in the early 1970s by Legislative Instrument 57. Since then, the Division has undergone several changes, eventually becoming a full-fledged Division of the Ministry in 2004.
The primary legislative framework for debt management in Ghana is the 1992 Constitution of the Republic of Ghana. The secondary legislative enactment which also provides guidance and support in the management of the public debt are the Public Financial Management, 2016 Act 921 (PFMA) and the Public Procurement, 2016 Act 914.
The Division is set up with a Front, Middle and Back Office.