Finance Minister Dr. Cassiel Ato Forson has criticized the Akufo-Addo administration for failing to fully implement the Public Financial Management (PFM) Act of 2016, describing it as a major setback in economic governance.
Speaking on PM Express on Joy News on Tuesday, March 11, after presenting the 2025 Budget Statement to Parliament, Dr. Forson emphasized that while Ghana’s PFM framework ranks among the best globally, it has not been properly enforced.
“The Public Financial Management Act of 2016 has not been implemented as it should be. The act is a bolster. It is one of the best you can get in the world. I don’t think you can count the first 20 countries with a very strong, robust PFM regime better than that of Ghana,” he stated.
Despite the strength of the law, he lamented that previous administrations had largely ignored its provisions, leading to financial mismanagement and economic challenges.
“The truth remains that Ghana has been unable to implement the PFM Act. The previous administration virtually did not implement the PFM Act. We do not need new laws.
“What we need to do is to implement the PFM Act, and to implement it successfully, you need to apply the sanctions.”
Dr. Forson stressed the need for punitive action against individuals who have violated the law, both past and present.
“The sanctions may not only be looking forward but also looking at those who have infringed upon the PFM Act in the past.
“You have to look back and look forward so that, at the minimum, those in office today will also know that what has happened to the person who infringed upon the PFM Act may happen to you,” he warned.
He insisted that accountability must extend across administrations, particularly for those whose financial infractions have had severe consequences on the economy.
“This will apply to officers in the previous [government]… if the infractions were so severe to the extent that it has affected the economy of Ghana, and people are paying a huge price for it, the Attorney General must act on that.”
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