A recent special audit commissioned by the government has saved the country more than GH¢8 billion, Deputy Minister of Finance, Thomas Nyarkoh Ampem, has disclosed.
According to him, the audit—conducted this year by the Auditor-General in collaboration with top accounting firms—reviewed all arrears claims inherited by the current administration and rejected GH¢8.1 billion due to unsupported documentation, duplication, overstatements, already paid items, and contracts not executed.
Mr Ampem (second from right) and some participants interacting at the budget stakeholders engagement Photo: Ebo Gorman
“If we had rushed to make payments, your GH¢8.1 billion would have been paid for work not done,” Mr. Nyarkoh said.
He made the disclosure at a pre-budget stakeholders’ engagement held in Accra yesterday, organised by the Ministry of Finance in accordance with Section 21 of the Public Financial Management Act (PFMA).
The meeting, dubbed “Stakeholders’ Engagement towards the Preparation of the 2026 Budget”, brought together players from the banking and non-banking financial sectors to solicit their inputs for the upcoming national budget and economic policy.
Participants included representatives from Development Bank Ghana, GHAMFIN, Star Assurance, Insurance Brokers Association of Ghana, SIC Life Insurance, GIRSAL, National Home Ownership Fund, and StarLife.
Under the PFMA, the Minister of Finance, Dr. Cassiel Ato Baah Forson, is expected to present the 2026 Budget Statement and Economic Policy to Parliament by November 15, 2025.
Mr. Nyarkoh further revealed that the audit validated GH¢45.4 billion worth of arrears—including payments owed to contractors—and that payments had already commenced.
He added that a payroll audit had uncovered 53,311 ghost names, representing GH¢150 million in unearned salaries, and that efforts were underway to recover the funds.
“This vindicates our decision to take our time to audit all claims before making payments. Only God knows what has gone under the bridge in the past,” he remarked.
On the engagement, the Deputy Minister said it was essential for the Ministry to gather views and proposals from key stakeholders to ensure that the 2026 Budget reflected collective priorities and could be effectively implemented to drive national economic growth.
“The insights gathered from stakeholders such as yourselves will guide us to design policies that promote growth, equity, and resilience,” he stated.
Mr. Nyarkoh also emphasized that the government’s commitment to fiscal discipline, prudent debt management, and structural reforms was producing tangible results. He noted that as of August 2025, inflation had fallen to single digits, while public debt had been reduced significantly to 46.8 per cent of GDP.
“Going forward, the government remains steadfast in sustaining the momentum of economic recovery and in building a resilient economy that delivers opportunities for all Ghanaians. Our focus areas include economic stabilisation and fiscal discipline, infrastructure and social development, social protection, education and youth empowerment, as well as employment creation,” he said.
By: Kingsley Asare & Chelsealina Asante
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