The Ministry of Finance in Ghana has introduced a new directive requiring all government contracts to receive prior commencement authorization before approval, starting April 3, 2025. This move aims to enforce fiscal discipline, ensure accountability, and curb financial recklessness in public administration, aligning with the amended Public Financial Management Act of 2025.
The directive emphasizes that principal spending officers will be held personally accountable for any breaches. This development is part of the government’s efforts to strengthen public financial management and promote responsible budgeting practices.
In a related move, the Ministry of Finance has been engaging with key stakeholders to address revenue mobilization and public expenditure management issues. The government has also been working with international partners, such as the International Monetary Fund (IMF), to implement economic reforms and ensure the successful completion of the country’s debt restructuring efforts.
The IMF has approved a $360 million disbursement to Ghana under its Extended Credit Facility program, following the successful completion of the third review of Ghana’s performance. This funding aims to support the country’s economic recovery and growth initiatives.
Ruth Abla ADJORLOLO
