All accounts of ministries, departments, agencies, and statutory funds are to be relocated to a single treasury account as part of Ghana’s Economic Recovery Programme presented to the International Monetary Fund.
This is expected to be completed by the end of 2023.
The move is said to be part of efforts to fully implement the Treasury Single Account initiative.
This aims to consolidate all government institutions’ accounts with the Central Bank into a single account for effective management and monitoring.
The measure is also intended to lessen or address the issue of domestic borrowing, which crowds out the private sector.
This proposal was included in Ghana’s Economic Programme (PC-PEC), which was delivered to the IMF as part of the projected treasury reforms that the government will implement during the course of the three-year program.
Ghana’s Public Financial Management Act 2016 calls for the creation of a Single Treasury Account, which serves as a uniform structure of government accounts and allows for the aggregation of all quantities of money received by covered institutions.
Ghana is now implementing an economic recovery program with the IMF focused, among other things, on restoring macroeconomic stability.
The program also aims to restructure Ghana’s massive debts and return the economy to sustainable levels.
Ghana’s native currency has been upgraded from Ca to Caa3 following the receipt of the first tranche of the $3 billion IMF loan.
In recent weeks, the local currency has also enjoyed some stability.