- Finance Ministry launches 8-week forensic audit into GH¢4.4 billion in unpaid government debts
- Audit led by Auditor-General’s office with support from two international accounting firms
- Part of Ghana’s IMF program to strengthen public spending controls and reduce arrears
The Ministry of Finance has begun an eight-week forensic audit into GH¢4.4 billion in outstanding government payables, Finance Minister Dr. Cassiel Ato Forson announced at a press briefing on April 15, 2025.
The briefing, held alongside officials from the Bank of Ghana and the International Monetary Fund (IMF), revealed that the audit will be led by the Auditor-General’s office, in collaboration with two international accounting firms.
The main objective is to verify the legitimacy and amounts of the government’s unpaid obligations, which have grown over time.
Dr. Forson explained that the audit forms part of corrective actions under Ghana’s IMF-supported Extended Credit Facility programme. “These measures are aimed at strengthening public spending controls and halting the continued accumulation of arrears,” he said.
The audit team will also issue recommendations to address any discrepancies or irregularities uncovered.
This audit comes after Ghana missed several IMF programme targets, including the 2024 primary surplus goal. The Ministry of Finance has blamed the shortfall largely on the substantial increase in unpaid bills.
The initiative is part of a broader fiscal reform agenda, including recent amendments to the Public Financial Management Act. These changes set a debt ceiling of 45% of GDP by 2035, require annual primary surpluses of at least 1.5% of GDP, and establish an independent Fiscal Council to oversee government expenditure.
The audit is expected to wrap up by June, ahead of the IMF Executive Board’s review of a $370 million disbursement. If approved, this will raise Ghana’s total receipts under the programme to $2.3 billion.
Dr. Forson’s announcement follows the conclusion of a two-week IMF review mission, which ended with a Staff-Level Agreement described as a significant step toward restoring economic stability and ensuring sustainable debt management.
Separately, the Ministry is also tackling long-standing energy sector arrears through reforms like the Cash Waterfall Mechanism and a Single Treasury Account, aimed at streamlining payments to Independent Power Producers.
To reinforce accountability, the Ministry will begin publishing quarterly performance rankings of Ministries, Departments, and Agencies based on adherence to new spending regulations.
