Financial transactions of MDAs to be settled electronically

All financial transactions of Ministries, Departments and Agencies (MDAs) would now be settled electronically under the Ghana Integrated Financial Management Information System (GIFMIS).

Mr. Vide Komla, facilitator at a two-day sensitization and training workshop for financial officers of MDAs in the Western Region, announced on Tuesday. It was organised by the Controller and Accountant General's Department.

He said head offices of MDAs had been hooked to the GIFMIS since August and regional offices had up to the end of November this year to get connected to the system.

Mr. Komla said Regional Transaction Processing Centres would be established to facilitate the GIFMIS.

He said the GIFMIS is an integrated computerized financial management system used in budget preparation and implementation, accounting and financial report, cash management and assets management among other things.

Mr. Komla said the system would serve as the official system of recording to meet the government's budget, disbursement, financial accounting and reporting, internal control and auditing requirements.

He said the GIFMIS would help reduce corruption because transactions would be done electronically without human contact between the parties.

Mr. Komla said it would help accounting for expenditures and revenues of the Consolidated Fund, the Contingency Fund and other public funds.

He said the GIFMIS would enhance and re-enforce the internal control systems in public financial management for accountability and would provide documentation on business processes, work flows and approved levels to ensure consistent, timely compliance across all MDAs and metropolitan, municipal and district assemblies (MMDAs).

"It is also an effective and efficient budget preparation, execution, monitoring and evaluation mechanism," Mr Komla said.