Government slashes public spending, turns 2024 deficit into 2.5% Primary surplus — Finance Minister

Parliament also amended the Public Financial Management Act to institutionalise a binding fiscal rule requiring a minimum annual primary surplus of 1.

Dr Forson listed a series of accompanying institutional reforms: the establishment of a Value for Money Office to strengthen expenditure efficiency, the creation of a Fiscal Council for oversight and transparency, a comprehensive audit of government payables, and amendments to the Public Procurement Act requiring commitment authorisation before procurement.

Finance Minister Dr Cassiel Ato Forson has told Parliament that the government's fiscal correction programme reset primary expenditure from 18.