IMF bailout: Accounts of all ministries, depts to be moved to a single treasury by December 2023

As part of Ghana’s Economic Recovery Programme submitted to the International Monetary Fund, all accounts of Ministries, Departments, agencies, and statutory funds are to be moved to a single treasury account.

This is to be done by the end of 2023.

According to reports, the move is part of efforts to fully implement the Treasury Single Account programme.

This is to merge all accounts of all government institutions into a single account at the Central Bank for proper management and monitoring.

The move is also to reduce or address the issue of domestic borrowing which leads to a crowding out of the private sector.

This plan was contained in Ghana’s Economic Programme (PC-PEC) sent to the IMF as part of expected treasury reforms that government will undertake under the 3-year programme.

Ghana’s Public Financial Management Act 2016 stipulates for the establishment of a Single Treasury Account as a unified structure of government accounts that enables the consolidation of all amounts of money received by covered entities.

Ghana is currently running an economic recovery programme with the IMF aimed at restoring macroeconomic stability among other problems.

The programme is also to ensure the restructuring of Ghana’s high debts and push the country back to sustainable levels.

After the reception of the first tranche of the $ 3 billion IMF loan, Ghana’s local currency has been upgraded from Ca to Caa3.

The local currency has also seen some stability in the past few weeks.

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