Financial Management Reform In Ghana Gvma Essay
PUBLIC FINANCIAL MANAGEMET REFORMS IN GHANA: THE CASE OF GIFMIS
Introduction
The recent Third Conference of Finance for Development underscored the role of prudent public financial management in the attainment of the Sustainable Development Goals.
Following the Paris Declaration (2005) and the Accra Agenda (2008), development partners increased aid commitments to developing country treasury's consolidated revenue fund account. The development led to an increased interest in the performance of Public Finance Management (PFM) in the countries that receive budget support.
According to the World Bank, without proper management of public funds the macro economy will be negatively affected resulting in adverse effects on the business climate and
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Due the challenges encountered under BPEMS, a renewed effort led to the induction of GIFMIS.
The GIFMIS program was introduced to solve the specific problems faced in Public Financial Management under the Public Sector Reforms.
Introduction of Ghana Integrated Financial Management Information System (GIFMIS)
Ghana Integrated Financial Management Information System (GIFMIS) was launched in May 2009 as a follow up to the Budget and Public Expenditure Management System (BPEMS) Project, which was implemented between 1999 and 2008.
The project was designed as Component 4 of the e-Ghana Project with a pooled fund of US$ 60.26 Million from the WB (US$28.44m), DFID (US$ 15.05m), EU ($12.27m) and DANIDA ($4.50m). The project is expected to end on June 30, 2014.
The project aimed at improving budgetary, financial management (record Keeping) and reporting processes. It also sought to provide accurate, timely and reliable financial information to Central Government and Decentralized Institutions and
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