The PFMA is an Act to regulate the financial management of the public sector within a macroeconomic and fiscal framework; to define responsibilities of stakeholders, to provide for accounting and audit of public funds and to provide for related matters.

Speaking at a recent PAC hearing, the Chairperson emphasized the importance of adhering to financial regulations to prevent infractions.

Madam Osei Asare reiterated her commitment to following laid-down surcharge protocols, ensuring that those responsible for financial malpractices were held accountable.

“This move is part of the committee’s efforts to promote transparency and accountability in public financial management,” she stated.

Madam Osei Asare, also the New Patriotic Party (NPP) Member of Parliament (MP) for Atiwa East, in an address to the media on Monday, emphasized that preventing infractions was key, and strengthening institutions like the Audit Service was crucial.
She, therefore, advocated for greater autonomy and resources for the Audit Service to effectively scrutinize MDAs and preempt financial malpractices.

That, she explained, would enhance public financial management and rebuild public confidence in institutions managing national resources.

The PAC of Parliament on Tuesday began its first hearing in the Ninth Parliament in Parliament House, Accra.

The public hearing slated from Tuesday, August 19, to Tuesday, August 26, would consider the Auditor-General’s report on MDAs for the year ended December 31, 2024.

The Monday hearing featured appearances from the National Information Technology Agency (NITA), the Ministry of Lands and Natural Resources, the Ministry of Foreign Affairs, the Ministry of Gender, Children and Social Protection, and the Office of the Head of Civil Service.

Before proceeding with the hearing, the Committee held a moment of silence to pay tribute to the late Environment Minister, Alhaji Dr Ibrahim Murtala Mohammed, who perished in a helicopter crash two weeks ago along with seven others.
He was a member of PAC in the Eighth Parliament.

The six-day public hearing will examine the Auditor-General’s report, which highlighted significant issues, including Ghana’s public debt and weaknesses in financial reporting and asset management.