Budget Credibility and Global Surprises in Ghana: A Critical Reflection through PEFA Framework
Budget Credibility and Global Surprises in Ghana: A Critical Reflection through PEFA Framework

Summary/Abstract: Purpose: Public financial management practices in emerging economies have evolved over time with the aim of improving national budget systems and promoting sustainable development. Therefore, the integration of the Ghanaian economy into the global one does not in any way immune it from shocks brought about by the Covid19 pandemic and the Russian-Ukraine war. The approach in this paper is to document my thoughts and opinion on Ghana’s public financial management practices in the context of global surprises. Study design/methodology/approach: The PEFA framework is used to assess the budget credibility of Ghana. Findings: The findings shows that although a lot has been done to sanitise the public space in budgetary management, there is growing evidence that suggests the public purse is riddled with a systemic culture of corruption and mismanagement. Yet, the global surprises that took the world by storm in the period of assessment exacerbated these irregularities. Originality/value: Most developing economies have very good blueprints on how to manage resources, but when it comes to actualising the imports of these blueprints, there is a challenge. Ghana’s experience is commendable and worth being brought to the fore for all economies in the African region and beyond to emulate.

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