A new Public Financial Management and Accountability (PFM) Bill is being drafted to improve public finances, performance, accountability and transparency.
The bill when approved will replace the existing financial administration Act and its regulations of 2013.
Major Samuel Mahama Tara, the Chief Director, Ministry of Finance, speaking at the discussion on the drafting of the PFM Bill said the bill was considered among other reasons such as the need to improve fiscal challenges that require some structural changes, commitment to meet good economic governance requirements and new policy measures regarding borrowing and debt management.
The scope of the Bill included macro fiscal formulation, budget formulation and preparation, internal audit, accounting and reporting, local government borrowing and a sanctions regime.
The consolidated laws will repeal the Loans Act of 1970, (Act 335), as well as the much recent Financial Administration Act 2003, (Act 654) and introduce much stringent provisions on accountability and reporting by not only the Ministry of Finance but the Executive, as well as ministries, departments and agencies (MDAs) to enhance transparency.
