The Deputy Minister for Finance, Thomas Ampem Nyarko, has reaffirmed government’s unwavering commitment to strengthening public financial management (PFM).

Thomas Ampem Nyarko, underscored the vital role of the CAGD in the government’s ongoing efforts to reset the national economy and reinforce transparency in public financial administration.

“Every Ghanaian Cedi must be well-spent and accounted for,” adding that the economic challenges of recent years demand “unprecedented excellence in PFM.” 

The Deputy Minister outlined several key reforms introduced in the first four months of the current administration, aimed at tightening fiscal discipline and promoting efficient resource use. 

This reforms aimed at strengthening public financial management and promoting transparency in the use of public funds.

Among the key measures is the amendment of the Public Financial Management Act and the Procurement Act. These changes are expected to align the legal framework with international best practices, improve efficiency in public spending, and close loopholes that have previously enabled mismanagement of funds.

A new fiscal compliance framework is also set to be operationalized. This framework will introduce stricter monitoring and reporting mechanisms to ensure that all public institutions adhere to approved budgetary allocations and financial guidelines.

The government will undertake a comprehensive audit of existing financial commitments and arrears. This audit aims to establish the true extent of public liabilities and ensure that future fiscal planning is based on accurate and up-to-date financial data.

The Deputy Minister further indicates that steps are being taken to enhance oversight of State-Owned Enterprises (SOEs) and public investment projects. Which will involve tighter scrutiny of project implementation and performance, as well as improved governance standards within SOEs to maximize returns on public investments.

The Deputy Minister further indicates that government will use Technology-Driven Solutions to improve accountability and enhance fiscal efficiency. 

The Deputy Minister announced that the "government is advancing the full integration of the Ghana Electronic Procurement System (GHANEPS) with the Ghana Integrated Financial Management Information System (GIFMIS) which will ensure that contract approvals are granted only to projects within approved budget allocations. 

Mr. Nyarko urged Staff of Controller and Accountant-General's Department to use the conference to reflect deeply and recommit to the cause of sound public financial management.