The Ministry of Finance has launched an eight-week forensic audit concerning GH¢4.4 billion in outstanding government payables, as announced by Finance Minister Dr. Cassiel Ato Forson during a press conference on April 15, 2025.
The press conference, which included officials from the Bank of Ghana and the International Monetary Fund (IMF), detailed the audit’s scope. This audit will be carried out by the Auditor-General’s office in partnership with two international accounting firms.
The main objective of this initiative is to confirm the legitimacy and precise amounts of the government’s unpaid obligations that have accrued over time.
Dr. Forson highlighted that this audit is part of the corrective measures under Ghana’s IMF programme, which is backed by the Extended Credit Facility. He remarked, “These actions are intended to enhance our public expenditure controls and prevent the ongoing accumulation of arrears.”
Additionally, the audit team will offer recommendations to rectify any irregularities identified during the audit.
This initiative comes in response to the government’s inability to achieve several targets set under the IMF programme, including the failure to meet the 2024 primary surplus target, which the Ministry attributes to a “significant accumulation of payables.”
The audit is an integral component of the government’s comprehensive fiscal reform initiative, which encompasses recent modifications to the Public Financial Management Act. The updated legislation establishes a debt ceiling of 45% of GDP to be reached by 2035, requires annual primary budget surpluses of at least 1.5% of GDP, and creates an independent Fiscal Council tasked with monitoring public expenditure.
The audit is anticipated to be completed by June, prior to the IMF Executive Board’s assessment of Ghana’s forthcoming disbursement of $370 million. If sanctioned, this will elevate the total funds received under the current program to $2.3 billion.
Dr. Forson’s announcement came after the conclusion of a two-week review mission by the IMF, which resulted in a Staff-Level Agreement between the Fund and the government. The Minister characterized this agreement as a significant advancement toward reestablishing macroeconomic stability and ensuring a more sustainable trajectory for public debt.
Additionally, the longstanding issue of arrears in the energy sector, which has posed challenges for the national budget, will be tackled through the implementation of new payment systems. These systems include the Cash Waterfall Mechanism and a Single Treasury Account framework aimed at streamlining payments to Independent Power Producers.
In conjunction with these efforts, the Ministry of Finance will initiate the publication of quarterly rankings for Ministries, Departments, and Agencies based on their adherence to the new spending regulations.
