Ministry of Finance sensitizes stakeholders on Public Financial Management

The Ministry of Finance has noted that the government of Ghana has embarked on rigorous reforms programmes in the past few years in Public Financial Management (PFM).

The reform programme sought to achieve among others, improvement in public investment management, budget management, financial control, accounting, and general government reporting.

According to the ministry, this reform was also aimed at enhancing fiscal discipline, strategic allocation of resources and efficient service delivery, through strengthened systems and procedures.

These, the Ministry said, were immensely supported by the World Bank and other development partners.

A speech by the Ministry of Finance noted that “the management of public investment was fragmented with several challenges, including ambiguities in roles and responsibilities of stakeholders, processes, and procedures, and the allocation of scarce fiscal resources to poorly prepared projects.

"The effects of the weak Public Investment Management structures are still evident today, with an abundance of uncompleted projects scattered around the country.”

The week-long sensitization programme brought together Directors, and Heads of Development Partner Organisations, the leadership of the World Bank Country Office, Ghana, representatives of development partner institutions, SOEs, CSOs, the investor/business community and the media.

The aim of the workshop was to bring to the attention of stakeholders, the passage of the Public Financial Management (Public Investment Management) L.I. 2411 and to sensitize all on key provisions therein.

SSD/DA