Finance Minister Reassures Investors of Ghana’s Fiscal Stability and Growth Agenda

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has reaffirmed the government’s strong commitment to stabilizing the economy and fostering long-term growth, especially for expatriate investors.

During a high-level investor engagement in Washington, D.C., Dr. Forson outlined a robust set of policy measures aimed at addressing the country’s mounting government payables recorded in 2024. The Minister emphasized that the government is implementing broad fiscal reforms designed to reinforce discipline, ensure transparency, and build confidence in Ghana’s public financial management systems.

Comprehensive Audit of Outstanding Payables

At the center of these reforms is a full-scale audit of outstanding government payables and commitments. According to Dr. Forson, the Ministry of Finance has commissioned the Auditor General, in collaboration with two independent audit firms, to conduct an intensive eight-week audit.

“Our aim is to verify the legitimacy and accuracy of all claims. This process will help us identify irregularities and implement corrective measures to enhance accountability going forward,” he explained.

Strengthening Controls on Commitments and Expenditure

To prevent the recurrence of unauthorized expenditures, Dr. Forson announced that the government has amended the Procurement Act. As of April 3, 2025, all government contracts now require prior approval from the Ministry of Finance before any commitment can be made.

“This measure is a critical step in tightening spending controls and ensuring adherence to the Public Financial Management (PFM) Act,” he said.

New Fiscal Rules Under Amended PFM Act

The government has also revised the Public Financial Management Act, 2016 (Act 921), to introduce two key fiscal rules aimed at long-term macroeconomic stability.

The first rule sets a debt-to-GDP reduction target of 45% by 2035. The second mandates an annual primary surplus of at least 1.5% of GDP on a commitment basis. To oversee these benchmarks, an Independent Fiscal Council has been established, ensuring transparency and reinforcing public trust in fiscal governance.

Enforcing Oversight and Compliance

In a bid to ensure strict compliance with fiscal guidelines, the Ministry of Finance has created a dedicated Compliance Division. This new unit, led by an appointed Director, will oversee how Ministries, Departments, and Agencies (MDAs) align with their fiscal responsibilities.

To enhance public accountability, the Ministry will also roll out a Public Financial Management Commitment Control Compliance League Table, ranking MDAs based on their performance in expenditure control.

“These reforms demonstrate our determination to resolve legacy liabilities, entrench fiscal discipline, and create a more transparent and credible financial ecosystem,” Dr. Forson assured the investor community.

He concluded by stating that Ghana is firmly on course to achieving macroeconomic stability and fostering an environment conducive to sustainable investment and economic growth.