The Budget Committee of Ghana’s parliament is taking steps to ensure that covered entities comply with the Public Financial Management Act (PFMA).
Speaking in an interview with a Member of the Budget Committee, Honourable Onyinah Acheampong Kwasi-Gyamfi, he indicated that the committee is working closely with covered entities in a bid to bringing them on board with two key requirements: lodging revenues and gross with Bank of Ghana and using the Ghana Integrated Financial Management Information System (GIFMIS) for transactions.
The goal is to enhance transparency, accountability, and visibility of revenues for the Ministry of Finance.
This move he noted, is expected to improve the government’s ability to track and manage public finances effectively.
Despite the Committee’s unwavering efforts, some entities have raised concerns about the implementation process.
Despite the Committee’s efforts, issues of system responsiveness, concerns about accounts being swept, understanding retention mechanisms, and connectivity problems have been cited as challenges.
Hononourable Akwasi-Gyamfi indicated the Committee’s resolve in addressing the challenges identified by educating entities on proper procedures.
He disclosed that Chairman of the Budget Committee is leading the engagement with covered entities to ensure they understand the requirements and benefits of compliance.
The PFMA mandates that entities lodge their revenues and gross with Bank of Ghana and use GIFMIS for transactions.
The committee’s effort aims at ensuring all entities adhere to these regulations.
By enhancing transparency and accountability, the Committee’s efforts are expected to improve public financial management in Ghana and promote better governance,
Onyina-Acheampong noted.
By Prosper Kwaku Selassy Agbitor
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