C’ttee on Public Financial Mgt Reforms inaugurated
The Minister of Finance, Mr Ken Ofori-Atta, yesterday inaugurated the Public Financial Management (PFM) Reforms Executive Committee to evaluate and review technical issues related to the management of the country's finances.
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The committee is specifically responsible for the review and evaluation of all technical issues related to the implementation of PFM reform strategy and to make recommendations to the Public Financial Management Reform Strategy (PFMRS) for consideration.
It will also provide technical guidance, quality assurance and co-ordination of the implementation of project activities.
The committee is to meet quarterly and as and when necessary to review progress and also address key implementation challenges.
Members of the committee include the Minister for Finance and his three deputies, the Chief Director of the Ministry of Finance, the Chairman of the Public Services Commission, the Controller and Accountant-General, the Commissioner General of the Ghana Revenue Authority, the Director of Budget and representatives of other state agencies.
Inauguration
Inaugurating the committee, Mr Ofori-Atta expressed optimism that the newly constituted committee would bring renewed energy, drive and commitment to the attainment of the goals outlined.
He expressed the hope that the establishment of a more robust, transparent and accountable PFM system that ensured fiscal discipline, budget credibility, care for public resources and the delivery of improved services for Ghanaians would be attained.
The minister explained that the Cabinet approved the PFM Strategy in February 2015 to provide a more structured and co-ordinated approach for the implementation of the PFM reforms.
Challenges
Mr Ofori-Atta noted that notwithstanding the progress made in the implementation of the PFM strategy, there were clear indications that a lot more needed to be done.
He said reducing the huge wage bill, improving poor revenue outturns and huge expenditure overruns, reducing the build-up of arrears, strengthening cash management and commitment control measures, improving revenue administration, among other areas, needed to be tackled.
Reforms agenda
He said there was the need to take stock of the measures in the reforms agenda implemented so far, address the inherent weaknesses with the PFM system, maintain fiscal discipline, improve budget credibility and deliver better fiscal outcomes.
“In addition, the passage of the PFM Act, 2016, Act 921, requires that we undertake a review of our business processes, especially with regard to commitment control and the management of fiscal risk.
“We would, therefore, need to establish systems for the enforcement of the PFM Law,” the minister said.
Mr Ofori-Atta said an extensive media campaign would be deployed for the intensive dissemination and education of stakeholders on fiscal discipline, budget credibility and value for money.
“Every reform intervention should be geared towards these goals and we will review all measures to ensure consistency with the vision,” he added.
