Benefits of GIFMIS

  • Improved budgetary, financial management (record Keeping) and reporting processes
  • Provide accurate, timely and reliable financial information to Central Government and Decentralized Institutions and Organizations
  • Uniformity in accounting and reporting with the introduction of a common Chart of Account and Database for all MDAs and MMDAs.
  • Improvement in accountability, control, monitoring and auditing of Governmental finances.
  • Ensure that Ministries, Department and  Agencies (MDAs/MMDAs) spend  within their budgetary allocation due to budgetary control
  • Reduce manual processes, duplication of effort and errors
  • Match disbursements with availability of revenues thus Improve efficiency in cash management and treasury  Management System
  • Improve  interaction between and among other financial management players such as Bank of Ghana (BOG) , Public Procurement Authority ( PPA) and  Ghana Revenue Authority (GRA), among others
  • Enhance enforcement of financial legislation
  • Complete and timely exchange of data and information among/between MDAs/MMDAs and central government for producing complete, timely and accurate reports (Improve Record Keeping) etc
  • Enhance and  re-enforce the  internal control systems in public financial management for accountability.
  • Provide documentation of business processes, workflows and approval levels to ensure consistent and timely compliance across all MDAs and all MMDAs.
  • An effective and efficient budget preparation, execution, monitoring and evaluation mechanism
  • Provide for the ability to budget for, track and monitor projects and grants through the chart of accounts, by using the Project

 

Rationale

  1. Lack of accurate and current information on budgetary allocations, commitments and actual revenue and expenditures.
  2. Delays in Payment Processing and Financial Reporting.
  3. Poor feedback mechanism for assessing budgetary performance.
  4. Lack of uniform Chart of Accounts (COA), which made the comparison of the performance of various budgets difficult.

 

Background

Ghana Integrated Financial Management Information System (GIFMIS) was launched in May 2009 as a follow up to the Budget and Public Expenditure Management System (BPEMS) Project, which was implemented between 1999 and 2008. The project was designed as Component 4 of the e-Ghana Project with a pooled fund of US$ 60.26 Million from the WB (US$28.44m), DFID (US$ 15.05m), EU ($12.27m) and DANIDA ($4.50m). The project is expected to end on June 30, 2014.

Implementation

 Implementation Target

GIFMIS is expected to cover 34 Ministries, Departments and Agencies (MDAs), which  together have  a total of 150 spending units.
All the 10 regional treasuries, which are sync with the regional administrative/ political divisions in the country  will also be hooked onto the GIFMIS systems.
The ambition of the project is to ensure that all the 216 Metropolitan,  Municipal, District Assemblies (MMDAs)   in the country are covered  by close of 2013.

Read more...

Objective

  1. Promote efficiency, transparency and accountability in public financial  management through rationalization and  modernization of budgeting and public expenditure management of the Government of Ghana (GoG).
  2. Promote the timely dissemination of information for financial management.
  3. Rationalize the financial Administrative Decree and Regulations.
  4. Improve the efficiency and effectiveness of revenue collection.
  5. Maximize  payment and commitment control.