- 5 Marks
Question
Efforts to improve Public Financial Management (PFM) Systems in Ghana led to the Ghana Integrated Financial Management Information System (GIFMIS), which is an adaptation of the Integrated Financial Management Information System (IFMIS). The rationale of GIFMIS is to establish an integrated ICT-based PFM system in Ghana at national, regional, and district levels.
Required:
State FOUR benefits of GIFMIS to the government of Ghana.
Answer
GIFMIS offers the following benefits:
- Improved budgetary, financial management (record-keeping), and reporting processes.
- Provision of accurate, timely, and reliable financial information to the central government and to decentralized government institutions and organizations.
- Uniformity in accounting and reporting with the introduction of a common Chart of Accounts.
- Improvement in accountability, control, monitoring, and auditing of government finances.
- Enhanced budgetary control through a reduction in manual processes and the duplication of effort.
- Topic: Budgeting Models and Systems
- Series: Nov 2024
- Uploader: Salamat Hamid