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15.04.2004 Business & Finance

Reforms aimed at efficiency - Agyeman Manu

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Accra, April 15, GNA - Mr Kweku Agyeman Manu, Deputy Minister of Finance and Economic Planning In-Charge of Revenue on Thursday said the reforms in the financial sector are aimed at ensuring efficiency, transparency and accountability in public financial management in government.

Mr Manu, who said this at the opening of an educational seminar for Chief Executives of State owned institutions on the actualisation of efforts to improve public finance systems in Ghana urged them to raise their awareness on the three major steps embarked upon.

"These are the revision and development of the legal framework for public financial management, with a view to ensuring transparency and accountability."

The legal framework include revision of the financial administration law, promotion of a timely and effective audit of transactions to ensure that public resources are used for specified purposes and streamlining of public sector procurement of goods, works and services and the establishment of an effective monitoring system.

He said Parliament passed the Financial Administration Act 2003, Act 654, Internal Audit Agency Act 2003 Act 658 and The Public Procurement Act 2003, Act 663, stressing that these laws must be applied to the letter.

Mr Manu said as key people in the forefront of making laws functional and effective, "you must work to ensure that the public financial system works to the advantage of the country."

He said by this, the internal audit functions which traditionally were performed by the Controller and Accountant General's Department will now be directly under the control of MDA's and MMDA's and they will have to set up their own Tender Committees and Tender Review Boards. Mr. Manu noted that as democracy takes root in Ghana, "we are going to see national institutions charged with overseeing the use of government resources grow stronger and bolder."