No backlog in statutory fund transfers through August or September – Theo Acheampong claims

Finance Ministry Technical Advisor Dr Theo Acheampong has stated that the Ghanaian government has been diligent in transferring statutory funds, with all transfers due from January through August or September having been completed. This marks a significant improvement over previous years, when January transfers could be delayed until September.

Speaking on Joy News’ PM Express Business Edition, Acheampong highlighted the District Assemblies Common Fund and the National Health Insurance Fund among the beneficiaries of these transfers. He emphasized that for the first time in recent memory, these funds remained up to date throughout the year.

Acheampong contrasted this positive trend with the delays that were commonplace in the past, noting that previous administrations often had to wait until September before receiving the January transfers. He attributed this change to broader economic reforms, including adjustments to taxation policies, spending controls, and efforts to rectify inherited arrears.

When asked about feedback from investor meetings, Acheampong received inquiries about how Ghana had managed to restore its economic fundamentals so swiftly after the 2022-2024 crisis. He candidly acknowledged that such a rapid recovery would typically require a minimum of five years. However, he confidently asserted that Ghana had achieved this turnaround in approximately a year and a half.

The economist and political risk specialist attributed these impressive gains to a combination of factors beyond mere commodity performance, emphasizing the critical role of hard reforms in maintaining these improvements.

Additionally, Dr Acheampong pointed out the government’s focus on allocating resources to the most impactful areas and enhancing oversight over financial commitments. These strategic measures have resulted in tangible benefits, as evidenced by the country’s strengthened economic fundamentals and enhanced capacity to manage its debt obligations.