According to Ghana’s Finance Minister, Ken Ofori-Atta, State Owned Enterprises (SOEs) like COCOBOD and those in the energy sector account for around 25% of the country’s estimated debt load.
He asserts that the government’s capacity to impose higher governance standards on these organizations will help to address their issues and foster their expansion.
Mr. Ofori-Atta stated recently at a press conference that everyone must continue to be committed to the widely accepted and robust structural reforms intended to address structural weaknesses and build resilience in key areas like 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.
The Finance Minister also mentioned streamlining earmarked funds, improving spending controls, operationalizing the Human Resource Management Information System, and improving revenue administration and tax policy as additional structural reforms to strengthen transparency and instill fiscal discipline.
Additionally, Mr. Ofori-Atta stated that the government is changing its reporting practices from accrual to cash reporting and from central government reporting to general government reporting.
In addition, he added, “our commitment to these reforms is matched by our unwavering pursuit of innovation and strengthened partnerships.”
The government is attempting to win substantial support from the nation’s international partners, he continued, supported by the increased push for reforms.