PFM law will help punish financial malpractice

Ministry of Finance is introducing a new Public Financial Management (PFM) law to ensure financial discipline among Ministries, Departments, and Agencies.

According to a Deputy Minister of Finance, Mrs Mona Quartey, the new law, if given parliamentary approval, will ensure cases of financial malpractices are reduced to the barest minimum.

Speaking to Class News’ Ekow Annan, Mrs Quartey said the introduction of the PFM law will consolidate all the other financial laws including the FAA, FAR and the Loans Act.

“It will bring it all together under one umbrella under the constitution and that will make our laws a little more efficient to work with,” she added.

She also noted that the law will help in referencing “so, that you don’t need to look at so many documents when you have an issue on your hand but for any public servant, who is doing their work in financial management, just with that one Act, they will know what they are supposed to do”.

Mrs Quartey stressed on a section of the PFM called Sanction. She said the section on sanction is clear on what sanctions should be applied and when they should be applied and under what conditions they should be applied, adding that, “so, it is a very welcome law that we are expecting parliament to pass in due course and it will take care of a lot of these little issues that come up”.