Finance Minister Dr. Cassiel Ato Forson has made it clear government has no plans to renegotiate or extend Ghana’s ongoing programme with the International Monetary Fund (IMF), stating that the administration remains firmly committed to the current framework of reforms.
Speaking at a joint press conference with IMF officials in Accra on Tuesday, April 15, Dr. Forson stressed that the programme is critical to restoring macroeconomic stability and positioning the country for sustainable growth.
According to the Finance Minister, any attempt to renegotiate the existing IMF deal would signal a lack of confidence in the programme’s design and direction, something the government does not subscribe to. He emphasized that the administration is fully committed to executing the programme as agreed.
“Renegotiating presupposes that you don’t believe in the programme and so you want to open up the conversation to look at other parameters of the programme. That isn’t the position of the government,” he stated. “The government is committed to the implementation to achieve the objectives of the IMF programme.”
Dr. Forson acknowledged that some structural benchmarks and quantitative targets were missed prior to the current administration taking office. Nonetheless, he reiterated the government’s focus on meeting the programme’s targets and rebuilding fiscal credibility.
As part of efforts to clean up public finances, the government has commissioned the Auditor-General, working in collaboration with two international audit firms, to audit outstanding payables and contractual commitments. The audit, aimed at validating the legitimacy and value of these obligations, is expected to be completed within eight weeks and will guide subsequent corrective actions.
The Minister also noted that reforms are underway to tighten procurement oversight. A recent amendment to the Public Procurement Act now makes it mandatory for the Minister of Finance to issue a commitment authorisation, such as a commencement certificate, before any central government procurement can proceed.
“We have passed an amendment to the Procurement Act to ensure that the issuance of commitment authorisation by the Minister for Finance is a prerequisite for all central government procurements under the Authority or the Central Tender Review Committee,” he said.
To promote transparency and compliance across Ministries, Departments, and Agencies (MDAs), the Ministry of Finance is set to launch a Public Financial Management (PFM) Commitment Control Compliance League Table. This initiative will track and publish how well MDAs adhere to the rules under the PFM Act.
Dr. Forson’s remarks came on the back of a staff-level agreement reached between the government and the IMF on the fourth review of Ghana’s $3 billion Extended Credit Facility. Upon approval by the IMF Executive Board, the agreement will unlock a further disbursement of $370 million.
