In its effort to restore and sustain macroeconomic stability and debt sustainability, the government has pledged to implement strong and ambitious structural reforms, laying the foundation for more inclusive growth, job creation, and the protection of the poor and vulnerable.
Finance Minister Dr. Cassiel Ato Forson reaffirmed the government’s commitment to the programme’s objectives, stating that despite the challenges faced in its implementation, the government will take every necessary step to stay on track.
Addressing the press after an International Monetary Fund (IMF) mission to Ghana, Dr. Forson noted that although some structural benchmarks and quantitative targets were breached when the government assumed office, efforts have been made to reverse the situation. In some cases, the government has fast-tracked certain structural reforms ahead of their deadlines.
“To begin with, pragmatic and bold measures have been implemented to address the large payable build-up in 2024, which led to a large primary deficit instead of the modest surplus that was originally programmed,” he explained.
These measures are aimed at strengthening the commitment control system, eliminating the accumulation of payables, enhancing budget credibility, and promoting fiscal and debt sustainability.
The measures include commissioning the Auditor General, alongside two international audit firms, to audit payables and commitments to validate their legitimacy and provide recommendations for corrective actions. Additionally, an amendment to the Procurement Act has been passed, requiring the Minister for Finance to authorize all central government procurement under the Authority or the Central Tender Review Committee.
In conclusion, Dr. Forson assured Ghanaians, the IMF, and other stakeholders that he will personally lead the effort to ensure the implementation of all commitments under the Fund-supported programme to enable the approval of the 4th Review by the IMF Board.