Ghana’s efforts to enhance public financial management are gaining momentum, with the implementation of the Ghana Integrated Financial Management Information System (GIFMIS), the Kwabre East MP touted.
According to him, the system which required entities to log their revenue and expenditure, providing full visibility of their activities.
Pursuant to the law, he revealed that failure by entities to comply with GIFMIS will face severe consequences.
According to officials, if an entity’s budget is on GIFMIS and they attempt to spend outside of it, the system will not allow it.
Those who breach this rule risk facing the law, with penalties including jail time, the legislator disclosed in an interview.
He noted that the Committee is working on GIFMIS implementation and taking taking a collaborative approach, engaging with entities to address challenges and encourage compliance.
From the Committee’s engagement with some covered entities, it became evident that they have shown willingness to cooperate, and officials are optimistic about the progress being made.
The goal of GIFMIS is to ensure that entities operate within their budgets and adhere to the law.
He emphasized that the system when fully utilized, will promote transparency and accountability in public financial management.
While some entities have complied with GIFMIS, it’s unclear if revenue mobilization has increased.
However, the lawmaker expects the system to bring about more efficiency in public financial management.
The Committee is working to ensure that all entities comply with GIFMIS, and is confident that with time, the system will become an integral part of Ghana’s public financial management framework.
By Prosper Kwaku Selassy Agbitor
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