Finance Minister Dr. Cassiel Ato Forson has decried the failure of Akufo-Addo governments to fully implement the Public Financial Management (PFM) Act of 2016, describing it as a major setback in economic governance.

Speaking on Joy News’ PM Express on Tuesday, March 11, after presenting the 2025 Budget Statement to Parliament, he emphasised that while Ghana’s PFM framework is one of the best globally, it has not been enforced as it should be.

“The Public Financial Management Act of 2016 has not been implemented as it should be. The act is a bolster. It is one of the best you can get in the world. I don't think you can count the first 20 countries with a very strong, robust PFM regime better than that of Ghana,” he stated.

Despite the strength of the law, Dr. Forson lamented that previous administrations had largely ignored its provisions, leading to financial mismanagement and economic difficulties for the country.

“The truth remains that Ghana has been unable to implement the PFM Act. The previous administration virtually did not implement the PFM Act. We do not need new laws.

"What we need to do is to implement the PFM Act and to implement it successfully, you need to apply the sanctions.”

Dr. Forson underscored the need to take punitive action against those who have violated the law, both past and present.

“The sanctions may not only be looking forward but also looking at those who have infringed upon the PFM Act in the past.

"You have to look back and look forward, so that, at the minimum, those in office today will also know that what has happened to the person who infringed upon the PFM Act may happen to you,” he warned.

He stressed that accountability must apply to public officers across administrations, particularly those whose infractions have had severe consequences on the country’s economy.

“This will apply to officers in the previous [government]… if the infractions were so severe to the extent that it has affected the economy of Ghana, and people are paying a huge price for it, the Attorney General must act on that.”

When asked whether the Attorney General’s office had set up a team to probe past violations of the PFM Act, Dr. Forson did not provide a definitive answer but reiterated the importance of enforcement.

“The country will not go there again if we ensure that those responsible for financial mismanagement face the consequences of their actions,” he stated.