Business News of 2013-12-23

Internally generated fund to be deployed on GIFMIS

The Technical Committee of Controller and Accountant General’s Department (CAGD), are attending a three- day workshop, to come out with modalities to deploy Internally Generated Fund (IGF) onto the Ghana Integrated Financial Management Information System (GIFMIS).
The workshop, which is ongoing at Dodowa in the Greater Accra Region, would also consider how the 2014 budget would be uploaded on the GIFMIS system to sync the national budget with national expenditure, which would help check budget overruns.
The GIFMIS project is using a centralised integrated Information Communication Technology assisted financial system that is connecting the Ministries, Departments and Agencies (MDAs) as well as Metropolitan, Municipal and District Assemblies to the CAGD to ensure efficiency and transparency in the disbursement of public funds.
Mr Seth Tekper, Minister of Finance, who addressed the workshop said, IGF are also government revenue and it is imperative that the CAGD and the Director of Budget, account for it properly, hence the need to deploy it on the GIFMIS system.
He said the IGF must also be incorporated into the public accounts as presented to Parliament annually.
“Since GIFMIS is going to be the framework for budgeting and accounting, it is important that every government revenue and expenditure form part of it,” he added.
Mr Tekper called for the involvement of Ghana Revenue Authority in the process and urged the Technical Committee working on the deployment process to avoid creating a parallel system.
Ms Grace Adzroe, Acting Controller and Accountant General, said the deployment of the IGF on the GIFMIS system would help ensure efficiency and transparency in the management of public funds.
She said IGF is expected to be generated following the passage of Fees and Charges by Parliament that empower 50 agencies under 20 ministries to review their fees and charges.
She said the GIFMIS system would help manage the funds effectively.
Ms Adzroe said the deployment process would first be piloted at the Ministry of Health and the Ministry Education while the MDAs would be mainstreamed into the system.