Handle funds according to rules

Takoradi, Aug. 28, GNA - Mr. Paul Evans Aidoo, Western Regional Minister has urged heads of departments and institutions to handle public funds judiciously in accordance with rules and regulations governing them. "Finances are the lifeblood of any institution and it should be the duty and concern of all who handle it, to use it wisely," he said. These were contained in a speech read for him at a Public Financial Management Workshop, organised by the Audit Service at Takoradi on Friday.

He said government is determined to ensure that there is transparency and accountability and that financial transaction are done within the right regulatory framework. "We shall continue to pursue these objectives until the tax-payer gets his money's worth," he stated. Mr. Aidoo urged the representative of the assemblies to assess their existing budget preparation and revenue handlings within the context of the issues that would be considered, to improve upon their performance. He said the representatives of the decentralized departments must pay attention to record keeping and reporting, that would make the eventual national financial reporting mechanisms and outputs sound and reliable. "Oil has been found in this Region and drilling is set to begin at the latter part of 2010," he stated. Mr. Aidoo expressed the view that, the Public Financial Management processes should make it possible for the rest of the population to have faith in things that were being handled for the common good and not for personal gain.

He said overdrawn public institution accounts, that results in the rejection of cheques and the impression being created that government does not have funds to pay for services should be avoided. Mr Seth A. Botchwey, of the Budget Division of the Ministry of Finance, said challenges facing the Audit Services were improper and inadequate input package, poor cash requirement forecast, and misdirection of most earmarked resources for specific activities during programme implementation. He urged participants to improve budget implementation by developing work plans and reviewing it regularly. Mr. Botchwey again advised the auditors to involve the assemblies during implementation of budget, enhance the supervisory capacity of the assemblies, and strengthen yearly monitoring. 29 Aug. 09