A former Deputy Governor of the Bank of Ghana and the running mate of the NPP, Dr. Mahamudu Bawumia,\u00a0has punched holes into the recently passed Public Financial Management Act (PFMA), saying it lacks relevant elements to protect the country\u2019s fiscal regime.<\/p>\n
According to him, the law is woefully inadequate in promoting accountability and transparency.<\/p>\n
\u201cFiscal policy implementation currently lacks the absence of transparent framework or institutional arrangement for providing quality fiscal information to the public; absence of an accountability mechanism that ensures that officials are held accountable in implementing optimal fiscal policies to \u00a0\u00a0guarantee the stability of the system and absence of a well thought out institution to ensure the credibility of fiscal projections provided by the government,\u201d Dr. Bawumia stated.<\/p>\n
Parliament in August this year passed the PFMA as part of pre-conditions for the release of Ghana\u2019s economic bailout cash from the International Monetary Fund (IMF).<\/p>\n
The new law repealed Ghana\u2019s Financial Administration Act of 2003 and its amendment and the Loans Act of 1970.<\/p>\n
But the NPP\u2019s running mate who made the remarks at the party\u2019s 2016 Manifesto launch, appealed to Ghanaians to give the NPP the mandate to promote fiscal discipline.<\/p>\n
\u201cTo address the problem of current high levels of public debts and the risks of the country entering into the HIPC levels again, the NPP government will adopt rules that anchor fiscal policy implementation,\u201d he stated.<\/p>\n
Meanwhile the law provides a maximum of 5-year jail sentence to public officers found guilty of misappropriating public funds.<\/p>\n
Per the Bill, defaulting officials will be liable to a minimum of six months if found guilty under law.<\/p>\n
According to Parliament\u2019s Finance Committee, the Bill proposes a significant modification to the funding account structure of government by the establishment of a Treasury Single Account which is a consolidated bank account system for processing all central government receipts and payment transactions.<\/p>\n
The treasury single account is a virtual account that gives the Controller a view of all balances held in all government accounts at any point in time.<\/p>\n
–<\/p>\n
By: Jessica Ayorkor Aryee\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
A former Deputy Governor of the Bank of Ghana and the running mate of the NPP, Dr. Mahamudu Bawumia,\u00a0has punched holes into the recently passed Public Financial Management Act (PFMA), saying it lacks relevant elements to protect the country\u2019s fiscal regime. According to him, the law is woefully inadequate in promoting accountability and transparency. \u201cFiscal […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-257056","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/257056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=257056"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/257056\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=257056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=257056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=257056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}