• Home
  • World
  • Politics
  • Business
  • Science
  • Tech
  • Entertainment
  • Lifestyle
Saturday, September 6, 2025
No Result
View All Result
NEWSLETTER
The Overseers - Ghana No.1 News
  • Home
  • World
  • Politics
  • Business
  • Science
  • Tech
    Minority demands probe into DStv prices, summons Sam George, MultiChoice

    MultiChoice to reduce DSTv pricing after gov’t ultimatum

    Ghana charts bold path toward digitally empowered future – Sukparu

    Ghana charts bold path toward digitally empowered future – Sukparu

    Google agrees to US$36m fine over Android search deals

    Google agrees to US$36m fine over Android search deals

    Minority demands probe into DStv prices, summons Sam George, MultiChoice

    DSTv slapped with GH₵10k daily fine for ignoring NCA directive

    Sukparu hails Ghana’s digital strides at AiAfrica Lab launch

    Sukparu hails Ghana’s digital strides at AiAfrica Lab launch

    NCA shuts down nine radio stations, including three Wontumi-owned stations

    NCA shuts down nine radio stations, including three Wontumi-owned stations

    Trending Tags

  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Sports Minister scraps Black Stars management committee bonuses

    Sports Minister scraps Black Stars management committee bonuses

    Shatta Wale granted GH₵10m bail with two sureties over Lamborghini case

    Shatta Wale granted GH₵10m bail with two sureties over Lamborghini case

    EOCO seizes Shatta Wale’s Lamborghini in joint operation with FBI over fraud links

    EOCO seizes Shatta Wale’s Lamborghini in joint operation with FBI over fraud links

    Partey granted bail in rape, sexual assault case; adjourned to Sept 2

    Partey granted bail in rape, sexual assault case; adjourned to Sept 2

    Daddy Lumba dead at age 60

    Daddy Lumba: Family opens condolence book on Tuesday July 29

    Daddy Lumba dead at age 60

    Daddy Lumba dead at age 60

    Ghana’s Kudus joins Tottenham in £55m transfer from West Ham

    Ghana’s Kudus joins Tottenham in £55m transfer from West Ham

    Sports Minister cracks down on illegal encroachment at Borteyman Sports Complex

    Sports Minister cracks down on illegal encroachment at Borteyman Sports Complex

    TGMA 2025: ‘I was very disappointed’ – Kinaata over ‘Record of the Year’ snub

    TGMA 2025: ‘I was very disappointed’ – Kinaata over ‘Record of the Year’ snub

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel
    One arrested in Ridge Hospital assault – Health Ministry

    One arrested in Ridge Hospital assault – Health Ministry

    Mahama announces State funeral for helicopter crash victims on Aug 15

    Helicopter Crash: Mental Health Authority warns against sharing of images

    Kenya officially drops Visa requirement for all African countries

    Kenya officially drops Visa requirement for all African countries

    UG: 107 COVID-19 cases confirmed; no death recorded — Health Minister

    UG: 107 COVID-19 cases confirmed; no death recorded — Health Minister

    A/R: 3-year-old boy survives after falling from storey building at Bantama

    A/R: 3-year-old boy survives after falling from storey building at Bantama

    Security agencies donate GH¢1m to support ‘Mahama Cares’

    Security agencies donate GH¢1m to support ‘Mahama Cares’

    Court orders NLC to serve GRNMA with injunction order

    Court orders NLC to serve GRNMA with injunction order

    Operational hours at Kumasi, Tamale Airports extended

    Operational hours at Kumasi, Tamale Airports extended

    2025 Hajj: Two dead, five persons repatriated

    2025 Hajj: Two dead, five persons repatriated

    Rotational Nurses and Midwives threatens nationwide strike effective June 2

    Rotational Nurses and Midwives threatens nationwide strike effective June 2

    Trending Tags

  • Home
  • World
  • Politics
  • Business
  • Science
  • Tech
    Minority demands probe into DStv prices, summons Sam George, MultiChoice

    MultiChoice to reduce DSTv pricing after gov’t ultimatum

    Ghana charts bold path toward digitally empowered future – Sukparu

    Ghana charts bold path toward digitally empowered future – Sukparu

    Google agrees to US$36m fine over Android search deals

    Google agrees to US$36m fine over Android search deals

    Minority demands probe into DStv prices, summons Sam George, MultiChoice

    DSTv slapped with GH₵10k daily fine for ignoring NCA directive

    Sukparu hails Ghana’s digital strides at AiAfrica Lab launch

    Sukparu hails Ghana’s digital strides at AiAfrica Lab launch

    NCA shuts down nine radio stations, including three Wontumi-owned stations

    NCA shuts down nine radio stations, including three Wontumi-owned stations

    Trending Tags

  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Sports Minister scraps Black Stars management committee bonuses

    Sports Minister scraps Black Stars management committee bonuses

    Shatta Wale granted GH₵10m bail with two sureties over Lamborghini case

    Shatta Wale granted GH₵10m bail with two sureties over Lamborghini case

    EOCO seizes Shatta Wale’s Lamborghini in joint operation with FBI over fraud links

    EOCO seizes Shatta Wale’s Lamborghini in joint operation with FBI over fraud links

    Partey granted bail in rape, sexual assault case; adjourned to Sept 2

    Partey granted bail in rape, sexual assault case; adjourned to Sept 2

    Daddy Lumba dead at age 60

    Daddy Lumba: Family opens condolence book on Tuesday July 29

    Daddy Lumba dead at age 60

    Daddy Lumba dead at age 60

    Ghana’s Kudus joins Tottenham in £55m transfer from West Ham

    Ghana’s Kudus joins Tottenham in £55m transfer from West Ham

    Sports Minister cracks down on illegal encroachment at Borteyman Sports Complex

    Sports Minister cracks down on illegal encroachment at Borteyman Sports Complex

    TGMA 2025: ‘I was very disappointed’ – Kinaata over ‘Record of the Year’ snub

    TGMA 2025: ‘I was very disappointed’ – Kinaata over ‘Record of the Year’ snub

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel
    One arrested in Ridge Hospital assault – Health Ministry

    One arrested in Ridge Hospital assault – Health Ministry

    Mahama announces State funeral for helicopter crash victims on Aug 15

    Helicopter Crash: Mental Health Authority warns against sharing of images

    Kenya officially drops Visa requirement for all African countries

    Kenya officially drops Visa requirement for all African countries

    UG: 107 COVID-19 cases confirmed; no death recorded — Health Minister

    UG: 107 COVID-19 cases confirmed; no death recorded — Health Minister

    A/R: 3-year-old boy survives after falling from storey building at Bantama

    A/R: 3-year-old boy survives after falling from storey building at Bantama

    Security agencies donate GH¢1m to support ‘Mahama Cares’

    Security agencies donate GH¢1m to support ‘Mahama Cares’

    Court orders NLC to serve GRNMA with injunction order

    Court orders NLC to serve GRNMA with injunction order

    Operational hours at Kumasi, Tamale Airports extended

    Operational hours at Kumasi, Tamale Airports extended

    2025 Hajj: Two dead, five persons repatriated

    2025 Hajj: Two dead, five persons repatriated

    Rotational Nurses and Midwives threatens nationwide strike effective June 2

    Rotational Nurses and Midwives threatens nationwide strike effective June 2

    Trending Tags

No Result
View All Result
The Overseers - Ghana No.1 News
No Result
View All Result
Home Economy

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

by Mawuli Innocent
April 25, 2025
in Economy
0
Finance Minister Outlines Measures to Tackle Ghana’s Large Payable Build- up in 2024
0
SHARES
21
VIEWS
Share on FacebookShare on Twitter

Finance Minister Dr. Cassiel Ato Forson 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.

Tags: Ato ForsonGhana’s Finance Minister
Mawuli Innocent

Mawuli Innocent

Related Posts

BoG MPC to hold 125th meeting July 21–23

BoG suspends Taptap Send, four others for one month over regulatory breaches

by theoverseer
September 5, 2025
0

The Bank of Ghana (BoG) has suspended the remittance operations of five Money Transfer Operators (MTOs) — Taptap Send, Top...

May inflation drops to 18.4%, lowest since February 2022

GSS: Inflation drops to 11.5% in August, below govt’s 11.9% target

by theoverseer
September 3, 2025
0

August inflation dropped to 11.5%, the lowest level in four years, according to data released by the Ghana Statistical Service...

Gold price hits record high as investors seek safety

Gold price hits record high as investors seek safety

by theoverseer
September 3, 2025
0

The price of gold has hit a record high as demand for the precious metal remains strong amid global economic...

10m youth to join workforce by 2040 — Finance Ministry urges bold fiscal reform

10m youth to join workforce by 2040 — Finance Ministry urges bold fiscal reform

by theoverseer
August 28, 2025
0

Chief Director of the Ministry of Finance, Patrick Nomo, has urged Ghana to fundamentally rethink its approach to public financial...

Finance Minister inaugurates technical committees on Agric financing, economic crops

Finance Minister inaugurates technical committees on Agric financing, economic crops

by theoverseer
August 28, 2025
0

The Minister for Finance, Dr. Cassiel Ato Forson, has inaugurated three Technical Committees on Agriculture Financing, which has been given...

Mahama embarks on 3-day State visit to Singapore to boost trade, investment

Mahama embarks on 3-day State visit to Singapore to boost trade, investment

by theoverseer
August 25, 2025
0

President John Dramani Mahama has arrived in Singapore to begin the second leg of his two-nation visit, following a successful...

Next Post
Council of State Member HRM Drolor Bosso Adamtey I Backs Mahama’s Nominees, Calls for Unity in Advancing Greater Accra’s Development

Council of State Member HRM Drolor Bosso Adamtey I Backs Mahama’s Nominees, Calls for Unity in Advancing Greater Accra’s Development

Recommended

Beware of scam investment Ads by News GH, Ghana News — SEC warns

Beware of scam investment Ads by News GH, Ghana News — SEC warns

2 months ago
2025 Hajj: Two dead, five persons repatriated

2025 Hajj: Two dead, five persons repatriated

3 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact
    Call us: +23320000000

    © 2024 The Overseer News - Powered By The Overseers The Overseer News.

    No Result
    View All Result
    • Home
    • Politics
    • World
    • Business
    • Science
    • National
    • Entertainment
    • Gaming
    • Movie
    • Music
    • Sports
    • Fashion
    • Lifestyle
    • Travel
    • Tech
    • Health
    • Food

    © 2024 The Overseer News - Powered By The Overseers The Overseer News.