Finance Minister Dr. Cassiel Ato Forson has stated that the government does not plan to renegotiate or extend Ghana’s existing program with the International Monetary Fund (IMF).
During a joint press conference with the IMF in Accra on Tuesday, April 15, Dr. Forson emphasized the government’s dedication to fully executing the program aimed at restoring macroeconomic stability and fostering sustainable growth.
“Renegotiation implies a lack of confidence in the program, suggesting a desire to revisit its parameters. This is not the government’s stance. We are committed to implementing the program to fulfill the IMF’s objectives,” he remarked.
He acknowledged that certain structural benchmarks and quantitative targets were not met prior to the current administration’s tenure but reaffirmed the government’s resolve to achieve the program’s goals.
In this regard, Dr. Forson detailed various initiatives aimed at enhancing expenditure controls, preventing the accumulation of arrears, boosting budget credibility, and improving fiscal and debt sustainability.
“We have engaged the Auditor-General along with two international audit firms to conduct an audit of payables and commitments to verify their legitimacy and values, and to offer recommendations for corrective actions. This audit is anticipated to be completed within eight weeks,” he stated.
He also pointed out a recent modification to the Procurement Act: “We have enacted an amendment to the Procurement Act to mandate that the issuance of commitment authorization (such as a commencement certificate) by the Minister of Finance is required for all central government procurements overseen by the Authority or the Central Tender Review Committee.”
Furthermore, Dr. Forson announced plans to introduce a Public Financial Management (PFM) Commitment Control Compliance League Table to monitor and publish the compliance rates of Ministries, Departments, and Agencies (MDAs) in accordance with the PFM Act.
