In a significant move to enhance financial accountability, Ghana’s Vice President, Professor Naana Jane Opoku-Agyemang, revealed new stringent measures aimed at curbing the misuse of public funds. Speaking at the annual conference hosted by the Controller and Accountant-General’s Department in Koforidua, she emphasized the government’s commitment to safeguarding national finances through enhanced legislation and the adoption of digital technologies.
The Vice President outlined the government’s strategy to transition towards a technology-driven financial management system, promising a new era of fiscal discipline and transparency. Among the innovative approaches is the integration of AI-powered trade analytics, digital value-added tax systems, and fortified port inspection protocols. These measures are designed to minimize financial leakages, identify under-invoicing, and tackle the smuggling issues that have historically drained national revenue.
She highlighted the forthcoming enforcement of the revised Public Financial Management Act of 2025, which will impose strict penalties for breaches and introduce real-time audit monitoring to ensure adherence. Additionally, a new Value for Money Office is set to be established to rigorously assess projects, ensuring that public investments yield tangible results.
The Vice President pointed to recent economic improvements as evidence of the reforms’ effectiveness. Notably, inflation rates fell from 23.8% in December 2024 to 3.2% by March, alongside a stabilized cedi bolstered by stronger reserves. A primary fiscal surplus of 1.6% marks a reversal from previous deficits, and improvements in public debt, treasury rates, and revenue collection have strengthened Ghana’s financial standing.
Commending the Ministry of Finance and the Controller and Accountant-General’s Department for their efforts, the Vice President urged continued leadership in digitizing government accounting systems. She emphasized the importance of eliminating payroll anomalies, enhancing real-time financial reporting, and ensuring transparent public expenditures.
Controller and Accountant-General, Mr. Kwasi Agyei, echoed the necessity for compliance with financial regulations across all government levels. He stressed that persistent accountability failures erode public trust and result in financial losses. Agyei underscored the ongoing investment in professional development to bolster the technical skills necessary for maintaining high-quality financial reporting.
The conference gathered finance and accounting experts nationwide to discuss reforms and reinforce governance within the public sector.
