The Auditor-General is set to submit an interim audit report on outstanding contractor claims in the coming days, paving the way for government payments to commence. This pivotal announcement came during a strategic meeting between Finance Minister Dr. Cassiel Ato Forson and Ecobank Group CEO, Jeremy Awori.
The government currently grapples with a daunting contractor arrears of GH¢67 billion, a legacy burden inherited from previous administrations. To address this, it has committed to a structured plan to audit and settle these obligations over a four-year period. The 2025 national budget has earmarked GH¢13 billion to clear verified claims as part of this initiative.
Dr. Forson emphasized the administration’s unwavering commitment to fiscal discipline, highlighting recent amendments to the Public Financial Management Act. These changes aim to enhance transparency and accountability in public procurement and contract management, ensuring no further accumulation of arrears.
“We are resolute in preventing the recurrence of such arrears. These reforms are crucial for restoring financial discipline and maintaining trust with contractors and development partners,” Dr. Forson stated.
Ecobank’s Role in Ghana’s Economic Recovery
As Ghana’s largest financial institution, Ecobank was urged to bolster its support for the country’s economic recovery, with a specific focus on private sector development and agricultural transformation. Dr. Forson praised Ecobank’s strategic role in Ghana’s financial landscape and encouraged deeper collaboration to stimulate growth and investment.
In response, Ecobank CEO Jeremy Awori reaffirmed the bank’s commitment to Ghana’s recovery efforts. “We are ready to scale up our support through increased lending and strategic partnerships, particularly in key sectors driving national development,” Awori remarked.
Energy and Green Transition in Focus
The meeting also included the Minister for Energy and Green Transition, John Abdulai Jinapor, who outlined the government’s ambitions in energy efficiency and sustainable development. He emphasized the critical role of financial institutions like Ecobank in mobilizing resources to advance Ghana’s green agenda.
This high-level engagement marks a significant step in the government’s broader strategy to restore fiscal health while fostering strategic partnerships for sustainable economic growth. The submission of the Auditor-General’s interim report is expected to signal a turning point in clearing the massive contractor arrears, rebuilding trust, and stimulating economic activity.
Story by: Mercy Addai Turkson #ahotoronline.com
