Finance Minister Dr. Cassiel Ato Forson has stated that the government has no intention of renegotiating or extending Ghana’s current program with the International Monetary Fund (IMF). During a joint press conference with the IMF in Accra on Tuesday, April 15, Dr. Forson emphasised the government’s commitment to fully implementing the program in order to restore macroeconomic stability and promote sustainable growth.
He remarked, “Renegotiating would imply that you don’t believe in the program, prompting you to seek discussions on alternative parameters. This is not the government’s position. We are fully committed to implementing the program to achieve the objectives set forth by the IMF.”
He acknowledged that some structural benchmarks and quantitative targets were missed before the current administration took office. However, he emphasized the government’s commitment to achieving the program’s objectives. To support this goal, Dr. Forson outlined several measures aimed at strengthening expenditure controls, eliminating the accumulation of arrears, improving budget credibility, and enhancing fiscal and debt sustainability.
“We have commissioned the Auditor-General, together with two (2) international audit firms, to audit the payables and commitments to validate their legitimacy and values, and provide recommendations for corrective measures. The audit is expected to be completed within eight weeks,” he disclosed.
He also highlighted a recent amendment to the Procurement Act:
“We have passed an amendment to the Procurement Act to ensure that the issuance of commitment authorisation (e.g., commencement certificate) by the Minister for Finance is a prerequisite for all central government procurements under the Authority or the Central Tender Review Committee.”
Additionally, Dr. Forson revealed plans to launch a Public Financial Management (PFM) Commitment Control Compliance League Table to track and publish the compliance levels of Ministries, Departments, and Agencies (MDAs) under the PFM Act.
By: Nerteley Nettey
