Public financial managers sensitised on GIFMIS

Accountants and financial officers of some decentralised organisations were on Monday sensitised on the Ghana Integrated Financial Management Information System (GIFMIS).

GIFMIS is a new system financial system aimed at facing out the old means of financial transactions in the public sector.

The financial management system for subverted government institutions was introduced in March, with the objective to produce an entity-wide state of the art budget and financial system of record.

It is being implemented using the Oracle E-Business Suite Financial software to implement public sector budgeting, general ledger, accounts receivable, accounts payable and cash management that intends to reform and improve fiscal discipline and macro-economic stability.

Mr. Daniel Quayson of the Northern Regional Controller and Accountant General’s Department told the participants of the three-day workshop in Tamale that GIFMIS has been identified as the best means of financial internal control and urged all state institutions to adapt the innovation.

He said the new system uses ICT and electronic knowledge in managing electronic business process that cover activities of requesting, purchasing, receiving, paying and accounting for goods and services.

Mr. Michael Abah, of GIFMIS Secretariat said the intention of GIFMIS is “to improve the effectiveness of service delivery and the allocation of scarce resources using the new tools, processes and best practices”.

He said GIFMIS accounts for expenditures and revenues of the Consolidated Fund, the Contingency Fund and other public funds as determined by law under Section 175 of the Constitution and enhance and re-enforce the internal control systems in public financial management to facilitate accountability.

Mr. Abah said the system could ensure complete and timely exchange of data and information among the ministries, departments and agencies as well as the Metropolitan Municipal and District Assemblies and central government to produce complete, timely and accurate reports adding that “it provides documentation of business processes, work-flow and approval levels to ensure consistent and timely compliance across”.

Alhaji Alhassan Issahaku, Regional Coordinating Director, urged the implementers to commit themselves to the new tool and endeavour to share the knowledge gain with their colleagues to enhance efficiency.