Ghana Advances in Fiscal Transparency, IMF Calls for Further Improvements

The International Monetary Fund (IMF) has acknowledged Ghana’s progress in strengthening fiscal transparency, while noting that additional efforts are required to meet international best practices.

Speaking during a meeting with Parliament’s Budget Committee, Almadena Fernandez, Head of Mission for the IMF’s Fiscal Affairs Department, commended the commitment shown by the Ministry of Finance and its various departments in improving openness and accountability.

“We have seen progress towards reaching more transparency, which is very welcome,” Fernandez stated.

Despite these gains, she emphasised that some institutions still need to make further improvements to align with the IMF’s standards for advanced fiscal practices.

The IMF team is currently assessing Ghana’s public financial management systems as part of an ongoing fiscal transparency evaluation aimed at measuring the country’s adherence to global benchmarks.

Fernandez noted that Ghana is in the process of developing a more structured fiscal framework with clearer and more specific rules—an initiative she described as a positive step toward improving governance.

A key area under review is the management and disclosure of contingency funds. Fernandez sought clarification on whether detailed information is provided on approvals, allocations, and the criteria guiding the use of such funds.

The engagement with lawmakers forms part of a broader effort to better understand Ghana’s fiscal processes, identify gaps, and recommend improvements.

The IMF expects to publish its findings upon completion of the evaluation, with the aim of promoting greater transparency, accountability, and efficiency in the country’s fiscal management system.