Ghana’s Finance Minister, Cassiel Ato Forson, has outlined a five-point strategy to restore confidence in the nation’s public finances, emphasizing stricter oversight, legislative reforms, and enhanced transparency to stabilize the economy.
The measures aim to address long-standing concerns over fiscal discipline and debt sustainability while aligning with broader goals of economic recovery.
Central to the plan is an eight-week audit of all outstanding government payables and commitments, led by the Auditor-General and independent oversight bodies. The audit will verify the legitimacy of existing liabilities and recommend corrective actions to curb irregular expenditures.
Simultaneously, the government is amending the Procurement Act to mandate prior authorization from the Finance Minister for all central government procurement a move designed to inject accountability into public spending. Further legislative changes to the Public Financial Management Act will introduce binding fiscal rules, including a debt-to-GDP target of 45% by 2035 and an annual primary surplus requirement of at least 1.5% of GDP. An Independent Fiscal Council will monitor compliance with these benchmarks, ensuring adherence to long-term fiscal discipline.
To enforce accountability, the Ministry of Finance has established a Compliance Desk to oversee spending by ministries, departments, and agencies (MDAs). A publicly accessible Compliance League Table will soon rank MDAs based on their adherence to financial controls, creating incentives for transparency.
Forson stressed that the reforms extend beyond meeting International Monetary Fund (IMF) conditions, calling them a “necessary reset” for Ghana’s economy. “This is about restoring credibility in our budgeting process and laying a foundation for sustainable growth,” he said.
The announcement comes amid ongoing efforts to stabilize Ghana’s economy, which has faced rising debt, currency pressures, and inflationary challenges. Analysts view the measures as critical steps toward rebuilding investor confidence and curbing fiscal slippage. However, success will hinge on consistent implementation and political will to prioritize structural reforms over short-term pressures.
Ghana’s fiscal overhaul reflects a growing trend among African nations to institutionalize accountability mechanisms amid global economic headwinds. By embedding independent oversight and public scoring systems, the government aims to shift from ad-hoc fixes to systemic resilience, a strategy that could serve as a blueprint for peers grappling with similar fiscal vulnerabilities.
