Finance Minister, Ken Ofori-Atta, has indicated that about 25% of Ghana’s assessed debt burden emanates from non-central government operations, mainly from State Owned Enterprises (SOEs) such as COCOBOD and those in the energy Sector.
According to him, the government’s ability to institute better governance standards for these institutions will address their liabilities and promote their growth.
Speaking at a recent press conference, Mr. Ofori-Atta said all must remain committed to the agreed wide-ranging and strong structural reforms designed to address structural weaknesses and build resilience in key areas including tax policy and tax administration, expenditure commitment control and arrears clearance, financial stability, financial sector plans, review of statutory funds, governance and corruption, debt management, fiscal credibility, and energy sector/cocoa sector SOEs reformation.
Other structural reforms to entrench fiscal discipline and bolster transparency that the Finance Minister said include reforms to enhance revenue administration and tax policy, operationalisation of the Human Resource Management Information System, enhancing spending controls and prevention of arrears build-up, and streamlining of earmarked funds.
In addition, Mr. Ofori-Atta said the government is transitioning from central government reporting to general government, and from cash to accrual reporting.
Furthermore, he said “our commitment to these reforms is matched by our relentless pursuit of innovation and strengthened partnerships”.
He added that backed by the renewed drive for reforms, the government is working towards securing significant support from the country’s multilateral partners.