By Kofi Ahovi
The government through the Ministry of Finance and Economic Planning (MoFEP) in collaboration with the Controller and Accountant General’s Department will in August this year begin the implementation of a new financial system know as the Ghana Integrated Financial Management Information System (GIFMIS).
The new system will serve as the official system of record to meet the government of Ghana’s budget, financial, accounting and reporting, disbursement, internal control and auditing requirements. In effect, it seeks to produce an entity-wide state of the art budget and financial system for the government.
GIFMIS is a state-of-the-art integrated computerized financial management system used in budget preparation, implementation, accounting, reporting and cash management to be used throughout Ghana. At full implementation, GIFMIS sits at the heart of Ghana’s public financial management reform by modernizing the preparation of Ghana’s national budget and providing for a robust set of financial reports based on internationally accepted account codes.
GIFMIS provides new financial tools and controls that allow the government’s financial managers to prepare the national budget more efficiently and to produce financial reports using standards codes for all levels of government.
The objective of the new system is to promote efficiency, transparency and accountability in public financial management through rationalization and modernization of budgeting and public expenditure management of the government. As well as the promotion of reliable and timely accounting and reporting and dissemination of information for financial management.
The project director, Seidu Kontoma, explained to business week that the new system would effectively enhance the ability to budget for, track and monitor projects and grants through the chart of accounts by using the project accounting functionality.
GIFMIS is a component of the e-Ghana project, and is financed through a pool funding arrangement among four development partners, Danish International Development Association (DANIDA), Department for International Development (DFID), European Union (EU) and the World Bank with a total budge of approximately US$60 million.
The government through the Ministry of Finance and Economic Planning (MoFEP) in collaboration with the Controller and Accountant General’s Department will in August this year begin the implementation of a new financial system know as the Ghana Integrated Financial Management Information System (GIFMIS).
The new system will serve as the official system of record to meet the government of Ghana’s budget, financial, accounting and reporting, disbursement, internal control and auditing requirements. In effect, it seeks to produce an entity-wide state of the art budget and financial system for the government.
GIFMIS is a state-of-the-art integrated computerized financial management system used in budget preparation, implementation, accounting, reporting and cash management to be used throughout Ghana. At full implementation, GIFMIS sits at the heart of Ghana’s public financial management reform by modernizing the preparation of Ghana’s national budget and providing for a robust set of financial reports based on internationally accepted account codes.
GIFMIS provides new financial tools and controls that allow the government’s financial managers to prepare the national budget more efficiently and to produce financial reports using standards codes for all levels of government.
The objective of the new system is to promote efficiency, transparency and accountability in public financial management through rationalization and modernization of budgeting and public expenditure management of the government. As well as the promotion of reliable and timely accounting and reporting and dissemination of information for financial management.
The project director, Seidu Kontoma, explained to business week that the new system would effectively enhance the ability to budget for, track and monitor projects and grants through the chart of accounts by using the project accounting functionality.
GIFMIS is a component of the e-Ghana project, and is financed through a pool funding arrangement among four development partners, Danish International Development Association (DANIDA), Department for International Development (DFID), European Union (EU) and the World Bank with a total budge of approximately US$60 million.
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