Question Tag: PFM Act

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  • 20 Marks

PSAF – Mar 2025 – L2 – Q3- Public sector fiscal planning and budgeting

Examine implications of Ghana's 2025-2028 fiscal policy proposals per PFM Act 2016.

a) The Government has unveiled its transformative agenda, driven by its fiscal strategy, covering the period 2025 -2028. In the Agenda 2028 document released by the government, the following strategies were outlined:

  1. Taxes on individual income (referred to as pay-as-you-earn) will be suspended until 2029.
  2. Development will be driven by debt, with the government leveraging its goodwill to borrow from development partners and investors to fund its development programmers and projects. By the end of 2024, the debt-to-GDP ratio was projected to reach 80%.
  3. There will be significant government expenditure aimed at boosting development and enhancing citizens’ living conditions. Data from 2024 indicate that the fiscal balance relative to GDP stands at 17%.
  4. All forms of extravagance and wastefulness within the public sector will be eradicated to ensure efficiency, effectiveness, and value for money across all government operations.
    The statement also noted that the government reserves the right to suspend the fiscal rules and targets as and when necessary.

Required:
i) Examine the implications of the government’s policy propositions (1 to 4) in relation to the principles of formulating and implementing fiscal policy objectives outlined in the Public Financial Management Act 2016, (Act 921).

ii) Discuss the steps and events that will necessitate a cabinet approval for a suspension of the fiscal rules and targets under the Public Financial Management Act 2016, (Act 921).

b) The Public Expenditure and Financial Accountability (PEFA) Framework is designed to evaluate the public financial management performance of public institutions. However, some critics, including the Director of Finance of your entity, argue that PEFA represents a form of neo-colonialism repackaged for Africa, and therefore, African countries should resist its assessment.

Required:
i) Explain to the Director of Finance FOUR reasons your country’s PFM system should be subjected to PEFA assessment.

ii) Discuss FOUR limitations of the PEFA framework used to assess PFM systems.

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  • 20 Marks

AAA – Mar 2025 – L3 – Q4 – Audit Committees and Performance Auditing

Discuss mandatory roles of Audit Committees under PFM Act and evaluate objectives and features of performance audits.

a) Audit Committees play a significant role in improving and providing transparency around governance risk management and internal control functions of Public Sector Organisations. The roles and responsibilities of the Audit Committee are provided for under section 88 of the Public Financial Management (PFM) Act 2016, (Act 921) and the Guidelines for Effective Functions of Audit Committees (2017) issued by the Ministry of Finance.
Required:
Discuss the mandatory roles and responsibilities of Audit Committee.
(10 marks)

b) Performance auditing is an independent, objective auditing and reliable examination of whether government undertakings, systems, operations, programmes, activities or organisations are operating as expected. It is mostly used for non-profit making organisation to assess the viability of such organisation, though it can also be used for profit making organisation to ensure whether the organisation is achieving certain objectives.
Required:
i) Evaluate the objectives of performance audits.
(6 marks)
ii) Explain TWO features of performance audits.
(4 marks)

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  • 6 Marks

PSAF – Nov 2020 – L2 – Q5b – Public sector financing initiatives

State and explain three measures the Finance Minister shall take when recognizing illegally occupied government land or building.

In accordance with Section 4 (2) (d) of the Public Financial Management Act 2016 (Act 921), the Minister of Finance shall manage Government property, Financial assets, Government debts, Government guarantees, and other contingent liabilities specified under Act 921. Paragraph 160 (2) of Public Financial Management Regulations, L.I 2378 of 2019 sets out measures the Finance Minister shall take upon recognizing that Government land or building is illegally occupied by an unauthorized person.

Required:

State and explain THREE (3) measures the Finance Minister shall take, upon recognizing that Government land or building of a covered entity is illegally occupied by an unauthorized person. (6 marks)

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  • 2 Marks

PSAF – May 2020 – L1 – Q1c – The context of public financial management

Define what constitutes a covered entity in Public Sector Accounting and Finance.

Explain what a covered entity is in Public Sector Accounting and Finance.

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  • 20 Marks

PSAF – Mar 2025 – L2 – Q3- Public sector fiscal planning and budgeting

Examine implications of Ghana's 2025-2028 fiscal policy proposals per PFM Act 2016.

a) The Government has unveiled its transformative agenda, driven by its fiscal strategy, covering the period 2025 -2028. In the Agenda 2028 document released by the government, the following strategies were outlined:

  1. Taxes on individual income (referred to as pay-as-you-earn) will be suspended until 2029.
  2. Development will be driven by debt, with the government leveraging its goodwill to borrow from development partners and investors to fund its development programmers and projects. By the end of 2024, the debt-to-GDP ratio was projected to reach 80%.
  3. There will be significant government expenditure aimed at boosting development and enhancing citizens’ living conditions. Data from 2024 indicate that the fiscal balance relative to GDP stands at 17%.
  4. All forms of extravagance and wastefulness within the public sector will be eradicated to ensure efficiency, effectiveness, and value for money across all government operations.
    The statement also noted that the government reserves the right to suspend the fiscal rules and targets as and when necessary.

Required:
i) Examine the implications of the government’s policy propositions (1 to 4) in relation to the principles of formulating and implementing fiscal policy objectives outlined in the Public Financial Management Act 2016, (Act 921).

ii) Discuss the steps and events that will necessitate a cabinet approval for a suspension of the fiscal rules and targets under the Public Financial Management Act 2016, (Act 921).

b) The Public Expenditure and Financial Accountability (PEFA) Framework is designed to evaluate the public financial management performance of public institutions. However, some critics, including the Director of Finance of your entity, argue that PEFA represents a form of neo-colonialism repackaged for Africa, and therefore, African countries should resist its assessment.

Required:
i) Explain to the Director of Finance FOUR reasons your country’s PFM system should be subjected to PEFA assessment.

ii) Discuss FOUR limitations of the PEFA framework used to assess PFM systems.

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  • 20 Marks

AAA – Mar 2025 – L3 – Q4 – Audit Committees and Performance Auditing

Discuss mandatory roles of Audit Committees under PFM Act and evaluate objectives and features of performance audits.

a) Audit Committees play a significant role in improving and providing transparency around governance risk management and internal control functions of Public Sector Organisations. The roles and responsibilities of the Audit Committee are provided for under section 88 of the Public Financial Management (PFM) Act 2016, (Act 921) and the Guidelines for Effective Functions of Audit Committees (2017) issued by the Ministry of Finance.
Required:
Discuss the mandatory roles and responsibilities of Audit Committee.
(10 marks)

b) Performance auditing is an independent, objective auditing and reliable examination of whether government undertakings, systems, operations, programmes, activities or organisations are operating as expected. It is mostly used for non-profit making organisation to assess the viability of such organisation, though it can also be used for profit making organisation to ensure whether the organisation is achieving certain objectives.
Required:
i) Evaluate the objectives of performance audits.
(6 marks)
ii) Explain TWO features of performance audits.
(4 marks)

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  • 6 Marks

PSAF – Nov 2020 – L2 – Q5b – Public sector financing initiatives

State and explain three measures the Finance Minister shall take when recognizing illegally occupied government land or building.

In accordance with Section 4 (2) (d) of the Public Financial Management Act 2016 (Act 921), the Minister of Finance shall manage Government property, Financial assets, Government debts, Government guarantees, and other contingent liabilities specified under Act 921. Paragraph 160 (2) of Public Financial Management Regulations, L.I 2378 of 2019 sets out measures the Finance Minister shall take upon recognizing that Government land or building is illegally occupied by an unauthorized person.

Required:

State and explain THREE (3) measures the Finance Minister shall take, upon recognizing that Government land or building of a covered entity is illegally occupied by an unauthorized person. (6 marks)

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  • 2 Marks

PSAF – May 2020 – L1 – Q1c – The context of public financial management

Define what constitutes a covered entity in Public Sector Accounting and Finance.

Explain what a covered entity is in Public Sector Accounting and Finance.

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