Finance Minister woos investors at IMF/World Bank Spring meeting
At the 2025 IMF/World Bank Spring meetings in Washington DC, the Minister of Finance, Dr Cassiel Ato Forson met with investors and outlined measures aimed at addressing Ghana’s growing stock of government payables in 2024, while strengthening fiscal discipline and transparency in public financial management.
Dr Forson outlined key initiatives designed to stabilise the country’s macroeconomic framework and restore investor confidence.
In a post on Facebook, the Ministry of Finance indicated that a central measure, Dr Forson disclosed, was a comprehensive government-commissioned audit of all payables flagged by the Auditor-General. The review, to be conducted in collaboration with two independent audit firms, will span eight weeks.
“The objective is to verify the legitimacy and accuracy of these claims,” the Minister explained. “The findings will guide the implementation of corrective actions to resolve any irregularities and improve accountability going forward.”
In a further effort to control expenditure and eliminate unauthorised commitments, the government has amended the Procurement Act and that effective April 3, 2025, no government contract will be approved without prior commitment authorisation from the Ministry of Finance.
“This measure is critical for enhancing spending controls and ensuring full compliance with the Public Financial Management (PFM) Act,” the Minister said.
Dr Forson also announced amendments to the Public Financial Management Act, 2016 (Act 921), introducing two new fiscal rules.
"The first is a debt rule that targets a reduction in the debt-to-GDP ratio to 45% by 2035. The second is an operational rule mandating an annual primary surplus of at least 1.5% of GDP on a commitment basis.
To ensure these new rules are strictly followed, he confirmed the establishment of an Independent Fiscal Council tasked with monitoring compliance and promoting transparency and credibility in Ghana’s fiscal management system.
Compliance Division
Dr Forson also announced a bold step towards institutionalising fiscal discipline with the operationalisation of a new Compliance Division within the Ministry of Finance.
The division, now headed by a newly appointed Director, has been tasked with monitoring how Ministries, Departments, and Agencies (MDAs) adhere to their fiscal commitments.
Dr Forson emphasised the significance of the new unit in enforcing accountability across government spending.
“These actions underscore our commitment to resolving legacy financial obligations, enforcing spending discipline, and creating a transparent and credible financial management system,” he stated.
The Finance Minister assured investors and stakeholders of the government's unwavering resolve to uphold stability and support long-term economic growth through enhanced oversight and compliance mechanisms.