Thursday, October 31, 2013

GIFMIS to improve financial management

Source: Ghanaweb.com

Public expenditure management and fiscal discipline are expected to improve under the Ghana Integrated Financial Management Information System, (GIFMIS).

Ghana’s budget deficit of 12.5 percent in 2012 and revenue overruns by Metropolitan and District Assemblies (MDA's) have raised concerns about the government’s commitment to ensuring that public financial management is prudent.

The Acting Controller and Accountant General, Madam Grace Adzroe, speaking at a workshop to brief the media on the GIFMIS said the present system of Activity Based Budgeting would be replaced by Program Based Budgeting, which would make expenditure overruns virtually impossible.

The system is also expected to address the issue of poor financial oversight mentioned in various Auditor General’s reports.

The GIFMIS Project Manager, Baah Adadey said the system would eliminate the shortcomings in the manual system of budgeting and procurement.

The GIFMIS is an integrated computerised financial management system used in budget preparation and execution, accounting and financial reporting as well as cash and asset management among others.

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