Deputy Finance Minister Thomas Nyarko Ampem, has said that the single most important initiative introduced by the Finance Ministry to protect the public purse is the introduction of Commitment Authorisation.
Under the Commitment Authorisation, all government agencies are required to submit a request to the Finance Minister for assessment and approval before committing the government to any financial transaction, he said.
Through this initiative, the Finance Ministry has been able to cut unnecessary spending.
“We rejected the request to purchase vehicles to the tune of 1 billion cedis under the Commitment Authorisation,” he said on the Key Points on TV3 Saturday July 25.
Thomas Ny arko Ampem further said that the government is spending wisely.
He makes the point that the government cannot spend what it doesn’t have; hence the decision to spend prudently.
“The growth we are recording as a Country is because we are spending wisely and aggressively pursuing revenue. The days of excessive borrowing are over,” he said.
He further said that the Mahama administration has taken a deliberate decision to cut waste from the system.
This decision, he said, is helping the government to generate revenue without necessarily including more taxes.
He said, “We have deliberately decided to cut waste; we cannot spend what we don’t have. Let us aggressively pursue revenue without introducing new taxes.
“We are avoiding excessive borrowing.”
Nyako Ampem further justified the decision by the Finance Minister Dr Cassiel Ato Forson, to compare the present economic situation to what transpired under the New Patriotic Party (NPP) administration.
He says that for Ghanaians to appreciate the current situation, they need to remember where the country was heading under the previous administration.
“For you to appreciate where we are, it is critical that you appreciate where we came from. It was to put everything in context for everybody to appreciate the achievements.
“It was basically a good appreciation of the trajectory of the path this economy has travelled,” he said.
The Minister of Finance had touted Ghana’s economic recovery in the 2026 Mid-Year Budget Presentation.
Presenting the budget in Parliament on Thursday, July 23, he stated that inflation is falling and the cedi is also holding firm.
He added that businesses are breathing again.
“To every trader, every entrepreneur, every worker who has persevered through difficult times, this recovery belongs to you,” he said.
Dr Ato Forson further said that every major macroeconomic indicator has improved significantly due to sound economic discipline.
He said that the recovery is a result of superior economic management.
He noted that when the Mahama administration took over governance, the economy was on its knees. However, with prudent policies, they have turned the corner.
“President Mahama took over an economy with reckless spending, excessive borrowing, and lack of accountability. President Mahama took over an economy that was on its knees,” he said.
“The cedi depreciated as never seen before,” he added.
He added, “The progress Ghana is recording today did not happen by chance. It is superior economic management”
Dr Forson further told the House that the economy must not be allowed to return to the period of excessive cedi depreciation.
“The 2022 economic crisis was not merely an accident but the result of poor policy choices, reckless spending and excessive borrowing,” he said.
