The Finance Minister, Dr Casiel Ato Forson, has criticised the poor implementation of the Public Financial Management Act, stating that it has significantly weakened the country’s efforts to combat unnecessary expenditure.
Delivering the 2025 budget in Parliament on Tuesday, March 11, Dr Forson expressed concern that, despite the existence of the Act, which he believes is one of the best in the world, its ineffective execution has undermined its intended impact in improving transparency and accountability within government financial systems.
He noted that the failure to properly implement the Act has left significant gaps in the management of public funds, making it more difficult to ensure that resources are used efficiently and for their intended purposes.
“Even though, Mr Speaker, the Public Financial Management Act remains one of the best in the world, its poor implementation has rendered our public financial management weak, allowing for abuse and costly infractions,” he said.
The Minister added that President John Mahama’s government is committed to the “full implementation of this critical legislation.”
“Accordingly, we will enforce the sanction regime, lean contracting, and public procurement budgetary provisions to the medium-term expenditure framework to seek parliamentary approvals as provided by law,” he added.
The Minister’s comments come as the government aims to address growing concerns over corruption and financial mismanagement.
He outlined plans to focus on better enforcement of financial regulations and improve the systems that manage public spending.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
