Finance Ministry rolls out bold reforms to tackle fiscal indiscipline

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

At a joint press conference with the Bank of Ghana and IMF, Finance Minister Dr. Cassiel Ato Forson discussed these measures. He highlighted efforts to address previous breaches of structural and quantitative targets. “We have worked tirelessly to reverse the situation,” he said.

One key reform involves commissioning the Auditor-General. Two international firms will assist in auditing the legitimacy of 2024 arrears. Results are expected within eight weeks and will guide corrective actions.

Additional reforms include changes to the Public Financial Management Act and Procurement Act. These changes will introduce fiscal rules and improve control over public spending. A new Compliance Desk will monitor adherence across Ministries, Departments, and Agencies (MDAs).

Dr. Forson emphasized that these steps are not just technical fixes. They aim to restore trust in public financial management. He stressed the importance of long-term credibility and sustainability in Ghana’s economic governance.