Overview of Ghana Public Financial Management Act, 2016 (Act 921)

Practice flashcards summarizing key concepts from the Ghana Public Financial Management Act, 2016 lecture.

What does PFM stand for?

Public Financial Management.

What is the main goal of Public Financial Management Reforms in Ghana?

To improve fiscal discipline and macro-economic stability.

What are the three main components of the Public Financial Management System?

Policies, Processes & Technology, and People.

What is the purpose of the Public Financial Management Act of Ghana 2016?

To regulate the financial management of the public sector within a macroeconomic and fiscal framework.

What are the six strategic objectives of the PFMRS?

1. Achieve budget credibility; 2. Enhance comprehensiveness and transparency; 3. Improve MDA and Sectoral Management; 4. Improve control and reporting of budget execution; 5. Enhance auditing and risk management; 6. Strengthen Treasury/Cash Management.

What does 'Fiscal Policy' mean in the context of Ghana's public financial management?

The means by which the government adjusts its spending levels and tax rates to monitor and influence a nation's economy.

What is the role of the Controller and Accountant-General according to the PFM Act?

Responsible for the custody, safety, and integrity of public funds.

What is a Sinking Fund as defined in the PFM Act?

A special fund created for the redemption of a loan or pool of loans, accumulated through periodic contributions.

What is required before a Principal Spending Officer can authorize a commitment for a covered entity?

The commitment must be authorized by a ceiling set by the Minister.

What does 'Virement' refer to in the context of budget management?

The reallocation of funds within the budget from one budget line to another.