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