Combine all the ingredients in a saucepan on the stove over a medium to low flame.
Whisk continuously until everything is well combined and you can no longer see the sugar granuals.
Let simmer for about 7 minutes stirring regularly to make sure the sugars are not burning.
Remove from the heat. The sauce will begin to thicken as it cools. You can either use it right away or store it in the refrigerator in an airtight container for up to 5 days.
If you want to thick it, use 1 Tbsp of cornstarch or flour AFTER cooking the ham with it.