Friday, 8 Aug 2025
  • My Feed
  • My Interests
  • My Saves
  • History
  • Blog
Subscribe
FM News Online
  • Home
  • Opinion

    “Recent S&P upgrade of Ghana’s sovereign rating”, a good sign of macroeconomic progress: BoG Boss expresses joy

    By Edzorna Francis Mensah

    BoG raises Policy Rate by 100 basis points to 28.0% to re-anchor disinflation process

    By Edzorna Francis Mensah

    Francis-Xavier Sosu appointed Vice President of West African Caucus of African Parliamentary Union

    By Edzorna Francis Mensah

    Dr. Johnson Asiama promises excellence, transparency, and independence in BoG’s monetary and financial policies

    By Edzorna Francis Mensah

    Appreciation of Ghana Cedi against major currencies: GoldBod Boss names three policies

    By Edzorna Francis Mensah

    Vice President Naana Jane Opoku-Agyemang returns home after medical treatment.

    By Edzorna Francis Mensah
  • Politics

    Professor Kingsley Nyarko, MP for Kwadaso, donates School Uniforms to Central Agric Station M/A Primary

    By Edzorna Francis Mensah

    GH¢203 million allocated to secure teacher trainee allowances and Ghana’s education sector

    By Zeze Jones

    Mahama Ayariga condemns Bawku violence, calls for peace

    By Zeze Jones

    Minority Leader in Ghana’s Parliament expresses deep grief over tragic helicopter crash that claimed 8 lives

    By Edzorna Francis Mensah

    Sea erosion: President Mahama committed to lasting solutions – Regional Minister

    By Edzorna Francis Mensah

    “Recess is not a vacation,” 1st Deputy Speaker reminds MPs, adjourns the house sine die

    By Edzorna Francis Mensah
  • Health

    Parliament approves seven Justices to Supreme Court despite Minority’s opposing views

    By Edzorna Francis Mensah

    OSP to put Mustapha Hamid and 9 Others before Criminal Division 3 of High Court on 23 July 2025

    By Edzorna Francis Mensah

    Speaker Alban Sumana Kingsford Bagbin inaugurates the National Integrity Awards Committee

    By Edzorna Francis Mensah

    Denmark Ambassador to Ghana hosts high level stakeholder engagement on EU Deforestation Regulation on products entering EU market

    By Edzorna Francis Mensah

    Missing Containers Scandal: 1,347 ECG containers vanish from Tema Port amid procurement irregularities

    By Edzorna Francis Mensah

    Evangelist Ketaman leads Duamenefa Foundation to pay a courtesy call on Chief Tanko

    By Edzorna Francis Mensah
  • News
  • International
  • Sports
  • Account
  • 🔥
  • News
  • Economy
  • Politics
  • Governance
  • Uncategorized
  • Health
  • Religion
  • Education
  • Sports
  • Editorial
Font ResizerAa
FM News OnlineFM News Online
  • My Saves
  • My Interests
  • My Feed
  • History
  • Education
  • Editorial
  • Politics
  • Health
  • ICT
  • International
Search
  • Home
  • Opinion
  • Politics
  • Health
  • News
  • International
  • Sports
  • Account
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Home » Blog » Finance Minister Outlines Measures to Tackle Ghana’s Large Payable Build-up in 2024
EconomyInternational

Finance Minister Outlines Measures to Tackle Ghana’s Large Payable Build-up in 2024

Edzorna Francis Mensah
Last updated: April 25, 2025 12:06 pm
Edzorna Francis Mensah
Published April 25, 2025
3 Min Read
Share
SHARE
Finance Minister Dr. Cassiel Ato Forson (MP) has outlined a comprehensive plan to investors aimed at addressing the country’s large accumulation of government payables in 2024, while reinforcing fiscal discipline and transparency across public financial management.
Speaking at meeting with investors in Washington DC, USA, Dr. Forson highlighted key reforms and policy actions underway to restore confidence in Ghana’s fiscal framework and stabilize its macroeconomic outlook.
Auditing Payables & Commitments
At the heart of the plan is a government-commissioned audit of all outstanding payables and commitments. The Ministry of Finance has engaged the Auditor General, alongside two independent audit firms, for an intensive eight-week review.
“The objective is to verify the legitimacy and accuracy of these claims,” the Minister explained. “The findings will guide the implementation of corrective actions to resolve any irregularities and improve accountability going forward.”
Strengthening Commitment Controls
To prevent the recurrence of unapproved expenditures, the government has amended the Procurement Act. Effective April 3, 2025, no government contract will be approved without prior commitment authorization from the Ministry of Finance.
“This measure is critical for enhancing spending controls and ensuring full compliance with the Public Financial Management (PFM) Act,” the Minister said.
PFM Act Amendment and Fiscal Rules
The government has also amended the Public Financial Management Act, 2016 (Act 921), to introduce two major fiscal rules. The first is a debt rule that targets a reduction in the debt-to-GDP ratio to 45% by 2035. The second is an operational rule mandating an annual primary surplus of at least 1.5% of GDP on a commitment basis.
An Independent Fiscal Council has been established to monitor adherence to these rules and to enhance transparency and credibility in public finance.
Enforcing Compliance and Oversight
In a further move to institutionalize fiscal discipline, the Ministry has operationalized a new Compliance Division tasked with monitoring how Ministries, Departments, and Agencies (MDAs) adhere to fiscal commitments. A newly appointed Director is now leading the division’s efforts.
Additionally, the government will introduce a Public Financial Management Commitment Control Compliance League Table to publicly rank MDAs based on their expenditure control performance.
Restoring Confidence
“These actions underscore our commitment to resolving legacy financial obligations, enforcing spending discipline, and creating a transparent and credible financial management system,” the Finance Minister said, assuring investors of the government’s resolve to maintain stability and support long-term growth
Share This Article
Facebook Whatsapp Whatsapp Copy Link Print
Previous Article GIPC ready to support Petroleum Hub Project to attract strategic investments 
Next Article Health Committee Commends Koforidua Regional Hospital
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
XFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

Ghana received $2.4 million as support from African Centre for Disease Control

President John Mahama has disclosed that, “we have received about $2.4 million to strengthen our…

By Edzorna Francis Mensah

Vice President Naana Jane Opoku-Agyemang returns home after medical treatment.

Vice President Naana Jane Opoku-Agyemang this afternoon returned home from London, United Kingdom, where she…

By Edzorna Francis Mensah

Cedi strengthens to GH¢13.89 against U.S Dollar amid economic optimism

The Ghanaian currency, the cedi, has continued its impressive rally against the US dollar, with…

By Edzorna Francis Mensah

You Might Also Like

Economy

Trade Ministry holds Stakeholder Validation Workshop on draft Textiles and Garments Manufacturing Policy

By Edzorna Francis Mensah
Economy

Professor John Gatsi explains Ghana’s Petroleum Revenue allocation and Fund Management

By Edzorna Francis Mensah
Economy

Finance Minister decries mismanagement at PBC, charges new Board to restore integrity and viability

By Edzorna Francis Mensah
Economy

Gov’t inaugurates interim Management committee to revive Komenda Sugar Factory

By Edzorna Francis Mensah
FM News Online
Facebook Twitter Youtube Rss Medium

About US


FM News: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.
Top Categories
  • International
  • Editorial
  • Politics
  • Tech
  • Health
  • Education
Usefull Links
  • Contact Us
  • Advertise with US
  • Complaint
  • Privacy Policy
  • Cookie Policy
  • Submit a Tip
© FM News Online. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?