Ghana reaffirms commitment to IMF programme: No renegotiation planned – Ato Forson

Government has firmly stated its commitment to the existing International Monetary Fund (IMF) programme, dispelling any notions of renegotiation or extension.

Finance Minister Dr. Cassiel Ato Forson, speaking at a joint press conference with the IMF in Accra on Tuesday, April 15, emphasized the government’s resolve to fully implement the programme aimed at restoring macroeconomic stability and fostering sustainable growth.

“Renegotiating pre-supposes 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. The government is committed to the implementation to achieve the objectives of the IMF programme,” Dr. Forson asserted.

Acknowledging that certain structural benchmarks and quantitative targets were missed prior to the current administration’s tenure, the Minister reiterated the government’s dedication to achieving the programme’s outlined objectives.

To address these challenges, Dr. Forson outlined a series of measures aimed at strengthening expenditure controls, eliminating the accumulation of arrears, improving budget credibility, and enhancing fiscal and debt sustainability.

A key initiative involves a comprehensive audit of payables and commitments, commissioned to the Auditor-General and two international audit firms.

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“We have commissioned the Auditor-General, together with two (2) international audit firms, to audit the payables and commitments to validate their legitimacy and values, and provide recommendations for corrective measures. The audit is expected to be completed within eight weeks,” he disclosed.

Furthermore, the government has amended the Procurement Act to tighten control over central government procurements.

“We have passed an amendment to the Procurement Act to ensure that the issuance of commitment authorisation (e.g., commencement certificate) by the Minister for Finance is a prerequisite for all central government procurements under the Authority or the Central Tender Review Committee,” Dr. Forson stated.