More information on the agreement was provided in IMF press release 126.
The IMF stated in a statement that the government of Ghana had implemented a plan to tighten expenditure restrictions and limit the accumulation of arrears, which led to this acceptance of the accord.
In order to ensure that only projects that profit from authorized budgets and quarterly allotments can acquire procurement permits to award contracts, the Fund states that public procurement will be completely connected with the Ghana connected Financial Management Information System (GIFMIS).
The Public Financial Management Act’s consequences would be more strictly enforced, according to a statement from the Fund, including fines for covered businesses that go above their budgetary allotments and allocations.
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