Ghana vows to sustain economic gains

Ghana's government is committed to sustaining recent economic achievements and preventing a relapse into previous fiscal difficulties, according to Deputy Minister of Finance Thomas Nyarko Ampem. He assured that measures implemented since 2025, such as stricter expenditure controls, enhanced revenue collection, and careful financial management, have helped stabilize the economy.

Ampem highlighted that reforms, including the mandatory requirement for commitment authorization from the Ministry of Finance before contracts are awarded, have significantly curbed the issue of unfunded projects. Appearing before the Parliamentary Committee on Economy and Development in Accra, he expressed confidence in the administration's ability to continue reinforcing fiscal and monetary policies to control inflation, foster growth, and protect the progress made.

"We are aggressively pursuing revenue mobilization, and we are directing expenditure to the right areas that will give us the growth that we require. The government would do everything possible to sustain the gains that we have made," Ampem stated. The committee's deliberations focused on the 2024 National Annual Progress Report, which assesses the implementation of policies outlined in the Agenda for Jobs II.

Responding to committee members' questions, Ampem acknowledged that while government revenue surpassed its 2024 target, expenditure remained a challenge due to numerous projects awarded without secured funding. He explained that the lack of effective commitment controls had led to contracts being signed without the Ministry of Finance's knowledge, creating unexpected payment obligations and stalling projects nationwide. The amendment to the Public Procurement Act, making Ministry of Finance authorization mandatory, has substantially addressed this problem.

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We are aggressively pursuing revenue mobilization, and we are directing expenditure to the right areas that will give us the growth that we require. The government would do everything possible to sustain the gains that we have made.