A CRITIQUE OF PUBLIC DEBT MANAGEMENT PRINCIPLES IN CENTRAL BANK GOVERNMENT LENDING LEGISLATION: THE CASE OF GHANA AND ZIMBABWE

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TABLE OF CONTENTS

APPROVAL FORM i

DECLARATION ii

DEDICATION iii

ACKNOWLEDGEMENTS iv

ABBREVIATIONS v

CHAPTER ONE 1

1.1 Introduction 1

1.2 Background of the Study 1

1.3 Problem Statement 4

1.5 Research Method 5

1.6 Delimitations of Study 5

1.7 Significance of Study 6

Chapter Synopsis 6

CHAPTER TWO 7

INTERNATIONAL, REGIONAL AND SUB-REGIONAL FRAMEWORK ON PUBLIC DEBT MANAGEMENT PRINCIPLES IN CENTRAL BANKING 7

2.1 Introduction 7

2.2 Definition of PDM 7

2.3 Historical Development of PDM in Central Banking 8

2.4 International Instruments on PDM in Central Banks 9

2.5.1 The IMF and World Bank Guidelines for PDM 9

2.5.1.1 Transparency and Accountability 9

2.5.1.2 Enforcement mechanisms 10

2.5.1.3 Oversight Institutions 11

2.6 The BIS’ Issues in the Governance of Central Banks 11

2.6.1 Accountability and Transparency 11

2.6.2 Enforcement mechanisms 12

2.6.3 Central Bank Independence 12

2.7 Sub-Regional Instruments on PDM in Central Banks 13

2.7.1 The Committee for Central Bank Governors’ (CCBG) Model CB Law 13

2.7.2 Central Bank Independence 13

2.8 Economic Community of West African States Convergence Criteria 14

2.9 Conclusion 14

CHAPTER THREE 15

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ANALYSIS OF PUBLIC DEBT MANAGEMENT IN GHANA’S CENTRAL BANKING LEGISLATION 15

3.1 Introduction 15

3.2 Overview of the Republic of Ghana 15

3.3 History of PDM In Ghana 16

3.4 International, Regional and Sub-Regional Framework that Ghana is a Party to 17

3.5 National Legislation 17

3.5.1 The Bank of Ghana Act (Act 612, 2002 And Act 918, 2016) 17

3.5.1.1 Central Bank Independence 17

3.5.1.2 Transparency 18

3.5.1.3 Accountability and Sanctions 19

3.5.1.4 Oversight Institutions 19

3.5.1.4.1 Parliament 19

3.5.1.4.2 The BOG Reporting Mechanism 19

3.5.1.4.3 Public Finance and Debt Management Oversight 20

3.6 Conclusion 20

CHAPTER FOUR 22

ANALYSIS OF PUBLIC DEBT MANAGEMENT IN ZIMBABWE’S CENTRAL BANKING LEGISLATION 22

4.1 Introduction 22

4.2 Overview of the Republic of Zimbabwe 22

4.3 History of PDM in Zimbabwe 23

4.4 International, Regional and Sub-Regional Framework that Zimbabwe is Party to 23

4.4.1 National Legislation 24

4.4.1.1 The Reserve Bank of Zimbabwe Act 24

4.4.1.1.1 Central Bank Independence 24

4.4.1.1.2 Transparency 25

4.4.1.1.2 Accountability and Enforcement mechanisms 26

4.5 Oversight Institutions 27

4.5.1 The Audit and Oversight Committee 27

4.5.2 Parliament 27

4.5.3 Public Debt Management Act 27

4.6 Conclusion 28

CHAPTER FIVE 29

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COMPARATIVE ANALYSIS OF GHANA AND ZIMBABWE AND RECOMMENDATIONS 29

5.1 Introduction 29

5.2 Comparative Analysis 29

5.2.1 International Legal Framework 29

5.2.2 National Legislation 29

5.3 Suggestions and Recommendations 30

5.4 Conclusion