Source: Joy Online
Ministries and Government agencies will now be able use a centralized internet-based system in the preparation of their financial accounts and budget.
First introduced in 2009 on pilot basis, the Ghana Integrated Financial and Management Information System, (GIFMIS) is expected to streamline government’s cash management and accounting, government agencies, departments and ministries currently use different accounting systems which makes it difficult to track government expenditure.
Deputy Finance Minister Seth Terkper told JOY BUSINESS the new system which is operational now should address instances where government spends more than it’s been able to mobilize.
He said the new system will enable government capture its expenditure comprehensively and added that some of the hearings at the Public Accounts Committee indicated that the nation does not have good accounting system.
