Finance Minister cited for violation of Financial Administration Act

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Parliament’s Public Accounts Committee has cited Finance Minister Seth Tekper for violation of the Financial Administration Act in the 2013 audited accounts of the Ministry.
The audit report cites the ministry for paying salary of individuals retired, dead or resigned to the tune of 167,000 Ghana cedis.

This came up today as the committee begins its public hearings on the Auditor General’s report.
Joy News parliamentary correspondent Elton Brobbey who was at the hearing reported regulation 292 was breached in paying monies to employees who were no longer at post.

The report also noted various cash irregularities involving officials who had been given monies to undertake various assignment. How the monies were spent could not be verified.

There were also several instances where money approved had been misapplied amounting to 53,490 Ghana cedis.

The report blames managers, accountants for failing to ensure the law was followed through.

The Financial Administration Act 2004 was passed to check improper accounting and auditing, weak budget formulation and preparation as well as weak expenditure monitoring and control.

The Finance Minister has acknowledged difficulties in tracking the use of public funds but he explained since the 2013 report was prepared, government has now addressed weak financial accounting.

Seth Terkper explained an electronic system, the Ghana Intergrated Financial Management System (GIFMIS) has been put in place to effectively monitor the ministry’s monies.

The system is expected to make payments from the ministry electronic hence more easily tracebable. “We have automated all financial accounting system to the point where almost all releases are processed electronically”
Source:myjoyonline.com