Government, as announced by the finance ministry, is preparing to begin long-delayed payments to contractors as part of efforts to clear a backlog of arrears, with GH¢13 billion earmarked in the 2025 national budget for the initial phase of disbursements.
The Ministry of Finance confirmed that the first payments will follow the release of an interim audit report by the Auditor-General, expected in the coming days. Only claims that are verified through the audit process will be eligible for settlement, the ministry stated.
The update was shared during a meeting in Accra between Finance Minister Dr. Cassiel Ato Forson and Ecobank Group CEO Jeremy Awori. The minister noted that the government is managing legacy arrears of approximately GH¢67 billion and has developed a four-year roadmap to address the obligations in a phased and transparent manner.
The government says the clearance of arrears is a key component of the government’s broader effort to restore fiscal discipline and rebuild trust with contractors and service providers who have faced delayed payments for years.
Dr. Forson also pointed to recent amendments to the Public Financial Management Act as part of efforts to prevent the recurrence of arrears. The revised legislation strengthens oversight and discipline in public procurement and contract execution, areas that have historically contributed to the accumulation of unpaid claims.
As part of a wider economic recovery strategy, the government is also calling on financial institutions to play a more active role in supporting private sector development. Discussions with Ecobank focused on expanding financing in key sectors, including agriculture and small business development, seen as vital to job creation and long-term growth.
Jeremy Awori expressed Ecobank’s commitment to deepening its engagement in Ghana’s economic recovery. He indicated the bank’s readiness to scale up lending and explore additional partnerships aligned with national development priorities.
The planned arrears settlement and private sector financing drive come as the government works to restore investor confidence and stabilize its macroeconomic outlook following years of fiscal strain.
