The Ministry of Finance has started an eight-week forensic audit into GH¢4.4 billion in unpaid government obligations. Finance Minister Dr. Cassiel Ato Forson announced the audit during a press briefing on April 15, 2025.
The Auditor-General’s office will lead the audit, with support from two international accounting firms. The audit aims to verify the authenticity and amounts of outstanding government debts.
Dr. Forson explained that this audit is part of corrective actions under Ghana’s IMF programme, supported by the Extended Credit Facility. “These steps will help strengthen public expenditure controls and stop the buildup of arrears,” Dr. Forson stated.
The audit team will also recommend solutions for any irregularities found. This initiative follows the government’s failure to meet IMF targets, such as missing the 2024 primary surplus target. The Ministry cites the large buildup of payables as the main cause.
The audit is part of broader fiscal reforms, including amendments to the Public Financial Management Act. These reforms introduce a debt ceiling of 45% of GDP by 2035, set annual primary budget surpluses at a minimum of 1.5% of GDP, and create an independent Fiscal Council to oversee public spending.
The audit is expected to finish in June, ahead of the IMF Executive Board’s review of Ghana’s next $370 million disbursement. If approved, Ghana’s total receipts under the current programme will rise to $2.3 billion.
Dr. Forson made the announcement after a two-week IMF mission, which concluded with a Staff-Level Agreement between the Fund and the government. The Minister described the agreement as a step toward stabilizing the economy and achieving long-term debt sustainability.
In addition, the Ministry plans to address long-standing energy sector arrears using new payment systems like the Cash Waterfall Mechanism and a Single Treasury Account structure. These measures will streamline payments to Independent Power Producers.
Finally, the Ministry of Finance will begin publishing quarterly rankings of Ministries, Departments, and Agencies based on their compliance with new spending rules.
