Finance Ministry rolls out bold reforms to tackle fiscal indiscipline

The Ministry of Finance has announced major structural reforms. These reforms aim to restore fiscal discipline, increase transparency, and ensure debt sustainability. They are part of Ghana’s ongoing IMF-supported recovery program.

Finance Minister Dr. Cassiel Ato Forson spoke at a joint press conference. He outlined measures to address previous breaches of targets. “We have worked tirelessly to reverse the situation,” he said.

One key reform is the commissioning of the Auditor-General. Two international firms will assist in auditing the 2024 arrears. The results are expected in eight weeks and will guide corrective actions.

Other reforms include changes to the Public Financial Management Act and Procurement Act. These amendments will introduce fiscal rules and improve public expenditure control.

A new Compliance Desk will monitor adherence across MDAs. It will be supported by a compliance league table that will soon be published. “These bold steps restore trust in public financial management,” Dr. Forson emphasized, highlighting long-term credibility in Ghana’s economic governance.