Finance Minister Dr. Cassiel Ato Forson has ruled out any plans to renegotiate or extend Ghana’s current program with the International Monetary Fund (IMF), stressing the government’s unwavering commitment to fully implementing the agreement.
Speaking at a joint press conference with IMF officials in Accra on Tuesday, April 15, Dr. Forson clarified that renegotiating the deal would imply a lack of confidence in the program, something the government does not support.
Instead, he reaffirmed that the administration is focused on meeting the program’s objectives to restore macroeconomic stability and foster sustainable economic growth.
He acknowledged that some structural benchmarks and quantitative targets were missed before the current administration took office. However, he was quick to emphasize that steps are being taken to realign with the program’s goals.
Among the key actions, Dr. Forson revealed that the government has commissioned the Auditor-General, along with two international audit firms, to verify the legitimacy and values of government payables and commitments. The audit is expected to be completed within eight weeks and will inform corrective measures going forward.
Dr. Forson also announced a recent amendment to the Procurement Act, which now makes it mandatory for the Minister for Finance to issue commitment authorization such as a commencement certificate before any central government procurement can proceed under the Authority or the Central Tender Review Committee. This amendment is aimed at tightening expenditure controls and improving budget credibility.
To further enhance fiscal discipline, the government is set to launch a Public Financial Management (PFM) Commitment Control Compliance League Table.
This initiative will track and publicly report the compliance levels of Ministries, Departments, and Agencies under the PFM Act, encouraging transparency and accountability in the use of public funds.
The Finance Minister concluded by reiterating the government’s resolve to meet all the targets under the IMF program, reinforcing its dedication to ensuring a stable and resilient economic future for Ghana.
