Almadena Fernandez, Head of Mission for the Fiscal Affairs Department of the International Monetary Fund (IMF), has commended Ghana's progress in enhancing fiscal transparency.

Speaking at a meeting with the Budget Committee of Parliament, Fernandez noted that the Minister of Finance and various divisions within the ministry have demonstrated a strong commitment to transparency.

"We have seen progress towards reaching more transparency, which is very welcome," Fernandez said.

However, she emphasised that some institutions still require further work to meet advanced or good practices according to IMF standards.

The IMF team is evaluating Ghana's current practices and transparency as part of its fiscal transparency evaluation.

Fernandez mentioned that the country is in the process of setting a new fiscal framework with more specific rules, which is a positive step.

One area of focus is the use of contingency funds.

Fernandez sought clarification on whether the committee discloses information on approvals and specific appropriations under the contingency fund, as well as the criteria used for allocation and distribution.

The meeting aimed to gather insights into Ghana's fiscal transparency practices and identify areas for improvement. The IMF team hopes to publish its evaluation to promote transparency and accountability in the country's fiscal management.