Lack of legal framework leads to poor financial management- Edumadze

Cape Coast, July 27, GNA - Mr Isaac Edumadze, Central Regional Minister, has blamed the country's poor financial management system, on the lack of effective legal framework and institutional structures. He said the Financial Administrative Decree, the Ghana National Procurement Agency Decree, the District Tender Board Regulation, (1995 LI 1606) and other related financial management laws were outmoded. Mr Edumadze, who was opening a four-day public awareness workshop, on the Financial Administration Act, Public Procurement Act and the Internal Audit Agency Act, said the existing laws did not ensure transparency and accountability and effective management and control of public funds.

Participants at the workshop being organised by the Ministry of Finance and Economic Planning, include accountants, bursars, district chief executives and presiding members of the district assemblies in the Region.

Mr Edumadze said every political administration built its public confidence through the prudent management of limited resources.

He said Government therefore promulgated the three new laws, to regulate financial management in the public service and also integrate financial management system into the mainstream activities of all ministries, departments and agencies.

Mr Edumadze said the new integrated approach in financial management would make heads of institutions, more responsible and accountable.

He asked the participants to be more responsive to the tenets of the new laws to meet future challenges.