Ghana to replace financial management systems

24 Oct 17

Ghana’s public authorities will replace their financial management systems to tackle issues of transparency and ensuring good governance, the finance minister has said. 

The minister of finance, Ken Ofori-Atta, reportedly said the Ghana Integrated Financial Management Information System (GIFMIS) could assist achieving improved comprehensiveness, transparency and effective management of public financial resources. 

The finance minister said the government was committed to combat financial malpractices and wasteful public spending, Ghana News Agency reported.

Ofori-Atta said: “The implementation of GIFMIS is in line with government’s efforts aimed at creating a more business-friendly environment and invariably harness opportunities for the people of Ghana through improved fiscal discipline, containing deficit, and eliminating corruption as part of concerted efforts to ensuring good governance.”

The new system is an integrated computerised financial management system which facilitates budget preparation and execution, accounting and financial reporting, cash management, assets management, human resource and payroll management.

It is meant to replace the authority’s current stand-alone legacy FMS.

To meet the targets set out in the PFM strategy will involve a combination of policy changes, political commitments to reforms and both the design and implementation of systems and tools to enable better outcomes, the minister reportedly said. 

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