Ghana Hires International Forensic Auditors to probe GH¢4.4bn Government Debts
Accra, Ghana - 16 April, 2025 - Ghana's Finance Minister, Dr. Cassiel Ato Forson, has announced a comprehensive eight-week forensic audit into GH¢4.4 billion in outstanding government debts.
The audit, to be conducted by the Auditor-General's office alongside two international accounting firms, aims to verify the authenticity and actual amounts of unpaid government obligations accumulated over time.
This move forms part of Ghana's efforts to strengthen public expenditure controls and halt the growing arrears, under a program supported by the International Monetary Fund's Extended Credit Facility. Dr. Forson emphasized that the audit team will provide recommendations to address any irregularities discovered.
“These steps are meant to strengthen our public expenditure controls and stop the continued build-up of arrears,” Dr Forson said.
The audit follows the government's failure to meet several IMF program targets, including the 2024 primary surplus target, which the Ministry attributes to a significant buildup of payables. To improve fiscal management, the government has recently amended the Public Financial Management Act, introducing a debt ceiling of 45% of GDP by 2035 and requiring annual primary budget surpluses of at least 1.5% of GDP.
The audit is set to conclude by June, ahead of the IMF's assessment for Ghana's next $370 million payment. If approved, Ghana would receive a total of $2.3 billion from the IMF. Dr. Forson believes the agreement with the IMF is a positive step towards stabilizing the economy and managing debt sustainably.
Source: Lead News Online
