Gov't unveils bold Public Financial Management reforms at 2025 CAGD annual conference

The Deputy Minister for Finance, Thomas Ampem Nyarko, reaffirmed the government's commitment to public financial management (PFM).

He highlighted the importance of the Controller and Accountant-General's Department (CAGD) in improving the economy. Nyarko stated that every Ghanaian Cedi must be well-spent and accounted for. He noted that recent economic challenges require excellence in PFM.

Nyarko outlined key reforms introduced in the first four months of this administration. These reforms aim to tighten fiscal discipline and promote efficient resource use. They focus on strengthening public financial management and ensuring transparency.

One major reform is amending the Public Financial Management Act and the Procurement Act. These changes will align legal frameworks with international best practices. They aim to improve efficiency in public spending and close loopholes for mismanagement.

A new fiscal compliance framework will also be implemented soon. This framework will introduce stricter monitoring and reporting mechanisms for public institutions. It ensures adherence to approved budgets and financial guidelines.

The government plans a comprehensive audit of existing financial commitments and arrears. This audit aims to clarify public liabilities for better future fiscal planning.

Nyarko mentioned steps to enhance oversight of State-Owned Enterprises (SOEs) and public investment projects. There will be tighter scrutiny of project implementation and governance standards within SOEs.

The government will also use technology-driven solutions to improve accountability. Nyarko announced plans to integrate the Ghana Electronic Procurement System (GHANEPS) with GIFMIS. This integration ensures contract approvals are granted only within approved budget allocations.

Finally, Mr. Nyarko urged staff at the Controller and Accountant-General's Department to reflect on their roles in sound public financial management.