• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Finance Ministers to Face Censure for Breaching Fiscal Rules Under Amended PFM Act

4 months ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
1
342
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Finance Ministers to Face Censure for Breaching Fiscal Rules Under Amended PFM Act

Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, has disclosed that under the amended Public Financial Management (PFM) Act, 2025, any finance minister who violates fiscal rules will face censure.

Furthermore, ministers and heads of covered state entities could face imprisonment if found responsible for fiscal slippages.

According to the Finance Ministry, these measures form part of broader reforms aimed at ensuring strict adherence to fiscal discipline and promoting sustainable economic management.

Key Fiscal Reforms

The PFM Act, 2025 introduces two major fiscal rules to strengthen financial governance:

1. Non-Interest Spending Must Be Less Than Revenue

RelatedPosts

Government on Course to Exceed 2025 Macroeconomic Targets 

Finance Ministry Invites Public Input for 2026 – 2029 Budget

CHAN 2024: Uganda Dominates Guinea; South Africa Holds Algeria

  • The government must ensure that non-interest expenditure does not exceed revenue.

  • At least 1.5% of GDP must remain as extra revenue after covering all expenditures except interest payments.

  • This ensures that, even after settling operational expenses, there is still a fiscal surplus to strengthen economic stability.

2. Debt Limit to Prevent Unsustainable Borrowing

  • A cap is being placed on the country’s total debt accumulation.

  • By 2034, Ghana’s total debt must not exceed 45% of GDP to maintain financial stability.

  • This restriction aims to prevent excessive borrowing and ensure the country remains capable of servicing its debt obligations without undue pressure on public finances.

Additionally, the Finance Minister is required to obtain Parliamentary or Cabinet approval before suspending fiscal rules due to force majeure events or economic shocks.

These reforms mark a significant step towards fiscal consolidation and are expected to bolster investor confidence while ensuring long-term economic sustainability.

The Public Financial Management (PFM) Act is an Act to regulate the financial management of the public sector within a macroeconomic and fiscal framework; to define the responsibilities of stakeholders, to provide for accounting and audit of public funds and to provide for related matters.

Tags: Finance Ministers to Face Censure for Breaching Fiscal Rules Under Amended PFM Act

Comments 1

  1. Kwame Ofori says:
    4 months ago

    Such policies obviously will serve the strategic interest of the nation and should not be politicised unfortunately as we often do

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Ipswich Salvages Late Point in Championship Opener Against Birmingham

GFA and BetPawa Enhance partnership; Locker Room Bonus Extended to Malta Guinness Women’s Premier League for 2025/26 Season

Senyo Hosi Writes: So Long, My Friends

IPR Ghana Mourns Victims of Military Helicopter Crash

Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout

Manchester United Unveils £50 Million Upgrade to Carrington Training Complex Ahead of New Season

Trending

Business

Government on Course to Exceed 2025 Macroeconomic Targets 

August 9, 2025

Government on Course to Exceed 2025 Macroeconomic Targets  Ghana’s economy is on track to post better-than-targeted outcomes...

Finance Ministry Invites Public Input for 2026 – 2029 Budget

August 9, 2025

CHAN 2024: Uganda Dominates Guinea; South Africa Holds Algeria

August 9, 2025

Ipswich Salvages Late Point in Championship Opener Against Birmingham

August 9, 2025

GFA and BetPawa Enhance partnership; Locker Room Bonus Extended to Malta Guinness Women’s Premier League for 2025/26 Season

August 9, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.