A two-day workshop on the implementation of the Ghana Integrated Financial Management and Information System (GIFMIS), on Thursday began in Accra.
The workshop is being attended by Heads of Ministries, Departments and Agencies (MDAs), Heads of Accounts and Treasury Officers in the country.
The workshop seeks to discuss challenges that are likely to come about as a result of the implementation of the GIFMIS, as well as solutions or recommendations towards ensuring that the new system runs successfully.
Mr Seth Tekper, Minister of Finance and Economic Planning, who opened the workshop, said government was committed to establishing a credible and dependable means of managing public funds.
He said a system such as the GIFMIS would prevent the misapplication of public funds and improve upon accountability within the public sector.
Mr Tekper said Ministries, Departments and Agencies, as a result of the GIFMIS, would account exactly for every expenditure made and thereby improve upon government budget and expenditure.
Mr Kwasi Tufuor, Controller and Accountant-General, said the over-all gains of the GIFMIS, would be an accountable, more effective and transparent management of public resources, leading to improved accountability and good governance.
He said the GIFMIS was a financial Information Technology system that was replacing the manual system of governmental financial transaction.
Mr Tufuor said the new system would give a comprehensive picture of how government funds from the consolidated fund had been expended.
Governments in most developing countries have over the years tried to enhance efficiency in the management of public funds, by undertaking public financial management reforms, with emphasis on Information Communication Technology.
This is referred to as the Integrated Financial Management Information Systems (IFMIS).
In Ghana, the IFMIS is called the Ghana Integrated Financial Management Information System (GFMIS) and it is being implemented under component four, of the e-government project.
The GIFMIS is a financial Information Technology System, that is replacing the manual system of government financial transaction, and would give a comprehensive picture of how government funds from the consolidated fund have been expended.
As at the close of 2012, all the modules had been deployed in all MDAs and their spending units in Accra.
Others include all the regional MDAs and all ten regional treasuries. The rest are 14 key public agencies, whilst a budget preparatory module is scheduled to be introduced under the GFMIS, to link budget preparation to execution.
The reform is being implemented by the Controller and Accountant General's Department, under the auspices of the Ministry of Finance and Economic Planning, and funded by four development partners which are the World Bank and the Department For International Development of the United Kingdom.
The rest are the European Commission and the Danish International Development Agency.